According to a report issued by McKinsey & Company, China's e-tailing market has been the fastest growing market in the world - 120% CAGR from 2003-2011 and is now the world's second largest e-tail market. This growth compares to 17%, 18%, 22%, and 34% for the United States, UK, Germany, and Brazil, respectively.
McKinsey estimates that by 2020, e-tailing could be $420 to $650 billion in sales, and China’s market could equal that of the United States, Japan, the UK, Germany, and France combined today.
China has the world's largest online population with 129 million broadband accounts in 2011. The largest e-tail categories in China are apparel, recreation and education, and household products, representing, 35%, 20%, and 15% of total consumption, respectively. The report also found that China's growing online market is not merely taking away brick and mortar sales, but actually driving incremental consumption.
To read the full article and report, please click here.
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