As a market, China is still elusive to a lot of businesses. What are the opportunities available in your domain? Which media channel should you choose? Is there potential for growth for your industry in the next couple of years? These are all valid questions you might have. We’ve put together the top digital marketing stats for various industries to help you present a strong case for China.
Keep reading to learn where cross-border e-commerce is headed, how social commerce is driving millions in sales and why the future of luxury retail lies in China.
Top China Digital Marketing Statistics for different industries
China Social Commerce Stats
With a large portion of the population connected to the internet, it’s no surprise that China leads the world in social commerce. In fact, several social platforms revolve around sharing new product reviews and live streams with followers.
By 2023, social commerce will account for a fifth of all online sales in China. – Business of Fashion
More than $413 billion of goods will be sold through social e-commerce in China by 2022. – Bloomberg
China Luxury Retail Business Stats
Young Chinese consumers are increasingly powering the global luxury market. China’s Gen Z relies heavily on social commerce platforms for recommendations on what to buy. Despite this, several luxury brands are yet to establish their digital presence in China.
Chinese consumers are set to contribute almost two-thirds of global growth in luxury spending by 2025 – McKinsey
Online luxury sales to grow by up to three times the current market size, to account for an eighth of China’s 1.2 trillion RMB luxury market by 2025. – McKinsey
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China E-commerce Stats
Over the last couple of years, cross-border e-commerce regulations has made China a lucrative market to sell to.
Moreover, Brands don’t need to have a company registered in China to sell on platforms like Tmall Global. Partner with a local expert like AdChina.io and start selling your products in a couple of weeks. Some stats that showcase the rise of e-commerce in China are:
Revenue in the eCommerce market is projected to reach US$1,057,047m in 2020. – Statista
By 2023, retail e-commerce sales will represent 63.9% of total retail sales. – eMarketer
China Outbound Tourism Stats
China is one of the largest outbound travel markets in the world and is set to grow further in the coming years. Also, while COVID may have slowed things down temporarily, the Chinese outbound travel market is bouncing back.
The number of China outbound trips more than doubled from 2010 to 2015 and is expected to reach 160 million in 2020. – McKinsey
56% of Chinese travellers across all segments choose midrange hotels while on a trip – McKinsey
China FMCG Import Stats
China’s love for imported FMCG products is well-known. The affluent class loves quality products from the west. For brands that haven’t yet made their presence felt, the use of digital channels is key to winning over customers.
Imported goods accounted for 18% of all FMCG sales in 2019 – Kantar
In the first three quarters of 2019, personal and home care products saw 11% and 7.8% growth respectively. – Kantar
We hope these China business statistics from different industries help you understand where the opportunities lie. As 2020 is proving to be a pivotal year for many industries, businesses that are learning to adapt will not only survive but also thrive in the coming years.
If you would like to see stats from a particular industry, leave a comment below!