BEIJING, China—China’s e-commerce market is anticipated to grow at a compound annual growth rate of 9.9% between 2024 and 2028 to reach $3.6 trillion in 2028, driven by the ongoing shift in consumer preference from offline to online shopping, a new study shows.
The report from GlobalData reveals that China’s e-commerce market registered 11.9% growth in 2023 to reach $2.2 trillion, as consumers increasingly preferred online purchases.
“China boasts the largest e-commerce market globally. This is attributed to its massive population, increasing internet penetration—especially in rural areas—and advanced digital infrastructure,” said Ravi Sharma, lead banking and payments analyst at GlobalData. “Online shopping events such as Singles’ Day, 618 E-Commerce Festival, and Shuangpin Online Shopping Festival have also contributed to ecommerce growth.”
According to China’ Internet Network Information Center, Internet penetration in urban areas in China stood at 83.3% as of December 2023, while rural areas had a penetration rate of 66.6%.