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China dominating global luxury good and e-commerce sales

•, brian wang

Consumers in China spent $118.39 billion on luxury goods in 2017. In 2017, Americans bought $81.2 billion in luxury goods and Japanese bought $37.2 billion.

The number of affluent consumers in China are expected to grow from 15 million in 2015, or 2.5% of the population in urban China, to 33 million by 2020.

China's e-commerce market will reach $1.1 trillion in 2018, making it the world's first trillion-dollare-commerce market. China's online retail market is expected to hit $1.8 trillion in 2022, buoyed by local tech titans Alibaba and, according to a report by Forrester. Chinese online retail market will be more than double the size of the US market, which will reach $713 billion in 2022 and 10 times larger than Japan at $159 billion.

China now accounts for 83% of all online retail sales in the Asia Pacific region.

On November 11, 2018, Alibaba set a record 213.5 billion yuan (US$30.8 billion) in gross merchandise value for its flagship 24-hour retail event, a 27% increase over last year.

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