Overseas spending by PRC consumers reached $200 bn in 2017
August 05, 2018 - China
Chinese consumers are showing a growing preference for global brands as overseas spending by them reached $200 billion in 2017, says a study on cross-border business by a leading marketing and consulting firm. During trips last year, outbound Chinese travellers contributed $115.29 billion through purchases, a figure expected to rise by 4.3 per cent in 2018.
Overseas Chinese residents accounted for $84.25 billion of the total spend in 2017, with this number set to grow by 5.12 per cent in 2018.
The study, jointly undertaken by consulting firm Westwin, formerly known as MSN China, along with a leading independent third-party research firm, gives an insight into three categories of Chinese consumers, highlighting the changing nature of the Chinese society, economy and ever-expanding cross-border trade, according to a company press release.
China's Alipay is the leading mobile payment platform for both online domestic shoppers (91%) and international travellers (69%). The top four most popular product categories are cosmetics, apparel & footwear, electronic appliances and food.
Chinese cross-border shoppers rely heavily on social media platforms to guide their purchasing decisions, with over 60 per cent of online shoppers using WeChat and Weibo to search for information and view advertisement, the study found.
While Tmall Global is the prime site for Chinese consumers for cosmetics (53%), apparel & footwear and food, JD Worldwide is the most popular place for electronic appliances.
The report also found that China's cross-border e-commerce volume reached $63.52 billion in 2017. (DS)