News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Chinese Cross-Border Online Spending Will Top $100 Billion in 2017: Report

Chinese Cross-Border Online Spending Will Top $100 Billion in 2017: Report

Chinese consumers, who spent $25 billion via Alibaba in one 24-hour period during last weekend’s Singles Day, are taking more of that spending power abroad. In 2017, online shoppers in China will spend more than $100 billion at retail Websites outside of China, according to a report from eMarketer. The New York City-based research firm predicts a growing middle class focused on foreign brands will drive cross-border e-commerce growth by nearly 28 percent compared to 2016.

International merchants are beginning to engage Chinese consumers through online marketplaces featuring goods from overseas, the report found. And, according to Shelleen Shum, senior forecasting analyst for eMarketer, a more connected population is responding.

“The average Chinese consumer is now more tech-savvy, more exposed to foreign brands through overseas travel and the Internet and, crucially, more willing to spend,” said Shum. “With shopping sites such as TMall Global, JD Worldwide and Kaola adding more brands to their offerings and improving cross-border logistics and processing times, there is an opportunity for foreign brands to tap into the demand for high-quality products, especially in categories like baby, maternity, health and beauty.”

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