Chinese e-commerce boom — bigger than US, UK combined
Last year Chinese consumers spent about $750 billion online, outspending both U.S. and UK consumers' online purchases combined, and beyond that, China has been a standout in adopting e-commerce as a driving habit in retail, according to Boston Consulting Group. The rate of growth of e-commerce as a portion of retail in China is particularly striking; it's going to grow twice as fast as the U.S. and UK at about 20% annually.
Why it matters: Retailers dealing with the impending death of the U.S. mall could take a hint from the Chinese marketplace and the habits of its consumers.
Why China is outspending: Digital shopping hit the internet in the 1990s, which coincided with a growth in disposable income in China, whereas in the U.S., shopping in brick-and-mortar stores had already been ingrained as a habit. BCG posits that's why e-commerce habit adoption has been slower in the U.S.