Business Insider’s Nicholas Carlson had an interesting post today, pointing out how China’s consumers are capable of easily outspending their American counterparts when they put their wallets to it.
Carlson noted that Americans this year spent $1.9 billion dollars online during Black Friday and Thanksgiving, according to Comscore. During China’s biggest online shopping day of the year, the Nov. 11 Shopping Festival, Alibaba Group websites Taobao Marketplace and Tmall.com processed more than $5.75 billion in sales, three times the U.S. total.
That’s impressive, but now we can add the results from Cyber Monday—and it’s clear just how bonkers China’s online spending on 11.11 actually was. On Dec. 2, the biggest day of the year for e-commerce in the U.S., sales rose 18.4 percent to $1.735 billion, a record for a single day, according to figures just released by Comscore.
This means while Americans this yearspent $3.635 billion online over three HUGE shopping days, online shoppers in China spent one-third more than that total in just one 24-hour period.
Carlson rightly pointed out a couple of reasons why this is possible, even though Chinese incomes still lag far behind those in the U.S.
‚Ä¢ “There are a lot of Chinese Internet users. One estimate I hear a lot is 500 million. There are only 330 million or so people in the United States.
‚Ä¢ “In China, there are lots of cities with millions of people in them and no malls or big offline retail centers. China has leap-frogged the whole mall and big box movements the US went through in the second half of the 20th century. Shopping online is the only way to shop.”