Chinese prefer to buy their Armani online
Friday 10 September 2010
The Chinese e-commerce market continues to grow as Chinese consumers prefer to shop online.
E-commerce retail sales in China have more than doubled in the first half of 2010 compared to the same period a year earlier. The total value of sales in the first half of 2010 is thought to be around 211.8 billion yuan (€24.6 billion) according to the annual report on China's internet market released by Alibaba.
Young urban Chinese are the driving force behind China's rapidly expanding internet retail industry which is estimated to have a total yearly turnover of 3.8 trillion yuan (€441.2 billion) by the Ministry of Commerce. A survey by Chinese online auction site TaoBao found that 70 percent of its customers are aged between 21 and 30.
Out of the 142 million Chinese internet shoppers which constitute one third of the country's total online population, the majority prefer buying luxury goods online than in a store. This is attributed to favorable online prices and the ease at which purchases can be made according to the 2009 China Luxury Forecast.
The most popular luxury brands among China's rich were Vuitton, Armani and Cartier according to the latest edition of the Chinese Hurun business report.
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