While the world is still grappling with the pandemic, China has emerged as the first-most country to achieve effective control and recover strongly from the pandemic, with trade exhibitions, business and consumer activities starting to resume.
Being the second largest economy in the world with its huge 1.4 billion population and a fast-growing middle class enjoying ever-rising disposable income and purchasing power, China has grown into an enormous consumer market with escalating demand for high-quality consumer goods and lifestyle products, in particular the import-grade gifts and housewares.
According to the National Bureau of Statistics of China, China’s retail market has shown a robust upward growth trend as the local pandemic situation is now in control. In June 2020, the y-o-y growth rate of consumer goods sales reached 16.9% and the rising trend is expected to continue.
Amidst the COVID-19 disruption, more and more consumers in China have switched and adapted to online shopping as most brick-and-mortar retail shops and businesses experienced a shutdown or even closures. From March 2019 to May 2020, China's online retail sales soared to reach RMB 264.4 billion, showing a robust year-on-year growth of 7.3%.
E-Commerce is in its heyday in China. China is now the largest online market in the world with more than 800 million Internet users. In recent years, live-streaming has been playing an increasingly important role in China’s e-commerce market. In 2019, livestreaming accounted for almost 9% of total e-commerce sales in China ($723 billion as estimated by Statista) or roughly 1% of total retail sales of consumer goods, based on data from the National Bureau of Statistics of China and Coresight Research estimates.