China’s Cross-Border E-commerce Market Soared to $220B in 2017

Chinese consumers are significantly e-shopping all over the world. Inning accordance with a study released July 31 by marketing and consulting company Westwin, 67 percent of Chinese e-commerce consumers had a cross-border acquiring experience last year, a figure that was up sharply from 34 percent from the year before.On average

, China’s cross-border purchasers bought more than when per month from overseas, the report shows.This increasing

demand for abroad items has led the country to import 1.5 trillion yuan ($220.3 billion) of items abroad in 2017, driving up the transaction volume on cross-border platforms to an overall of over 400 billion yuan ($58.7 billion), the report shows.The nation’s cross-border e-commerce buyers are, in general, wealthier than those who only purchase in the house. 53 percent of cross-border consumers spent more than 10,000 yuan ($1,468) and 15 percent of them invested over 20,000 yuan ($2,936) over the past 12 months. In specific, female customers and those with kids reveal higher acquiring frequency and spending than others, the report notes.Recommended Reading Four Cross-Border E-Commerce Platforms Simply for Luxury Brands By Lauren Hallanan Among a range of e-commerce platforms to conduct cross-border shopping