China’s online sales surge in 2024

China saw a surge in e-commerce sales during the nation’s Brand and Quality Online Shopping Festival (双品网购节), as well as the earlier 618 shopping festival. The events boosted online retail sales to 5.77 trillion RMB ($807.8 billion) from January to May, a 12.4% YoY increase. Online sales of physical goods accounted for 24.7% of total retail sales, up 0.8 percentage points from January to April. Service consumption rose 23.2%, with inbound tourism sales on major platforms growing by 1.9 times. AI-related products grew by 20.8%, and trade-in product delivery expanded to over 96% of towns. In May, washing machines, furniture, and mobile phones grew by 33%, 21.3%, and 20%, respectively. Earlier in June, during China’s 618 shopping festival, retail titans Tmall and JD.com each played to their strengths, changing the shopping landscape. They made the most of their influence on this crucial yearly sales event by forming strategic alliances and utilizing cutting edge technologies. As consumer interests and habits evolve, brands are adjusting their strategies accordingly. Thanks to the rise of secondary shopping events and livestreaming, discounts are now offered year-round. “There was high consumer confidence and a strong appetite for high-end goods. Brands offered exclusive discounts and limited-edition releases, driving significant traffic and sales,” Subramania Bhatt, CEO and founder of market research firm China Trading Desk, told Jing Daily last week.

China’s online sales surge in 2024

On this page

Published June 26, 2024

Sectors

Insights

Company

China’s online sales surge in 2024