Retail in Asia

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Young generation set to power e-commerce in China

The e-commerce penetration rate in China is seen to at least double by 2020 as young people become the major force behind domestic consumption, Credit Suisse said.

The penetration will surge to more than 20 percent in 2020, according to Credit Suisse estimates. The rate was 10.7 percent last year, above the 7.6 percent in the US and around 5 percent in Japan.

Young people who are proficient on the Internet will soon become the main driver of China’s domestic consumption, Credit Suisse said. The young generation born between 1985 and 1995 is set to contribute 35 percent to China’s total consumption in 2020, up from 15 percent contribution in 2014, it said.

(Source: Shanghai Daily)