China’s e-commerce market, the world’s largest, is expected to register a strong growth of 10.4% in 2022, as consumers are increasingly shifting from offline to online.
The market is expected to grow by 10.4% in 2022 to reach CNY14.5 trillion ($2.3 trillion), forecasts GlobalData, a leading data and analytics company.
According to GlobalData’s E-Commerce Analytics, e-commerce sales in China grew at a compound annual growth rate of 13.3% between 2018 and 2021 to reach CNY13.1 trillion ($2.1 trillion) in 2021.
China accounted for over 37% share in the global e-commerce market, in terms of payments value in 2021. The country was followed by the US with $1.5 trillion, while the UK stood at a distant third with $292.1 billion in 2021. The global e-commerce landscape is unlikely to change in 2022 with China expected to retain its top position.