Chinese consumers accelerate shift toward online shopping: Fitch
Chinese consumers have accelerated their shift toward online shopping because of measures to curb the spread of COVID-19 and fears of infection, according to a report by Fitch Ratings.
Online retail sales of goods will account for an increasing share of total retail sales, a trend that will be irreversible, noted the report.
The ratings agency expects the ratio of e-tailing sales to total retail sales of goods to climb in the rest of 2020.
Compared with more developed countries, China's e-tailing penetration rate remained relatively low, but the government's ongoing urbanization drive will boost demand for online shopping, according to the report.
Besides, China's population structure, with a majority aged between 20 and 59, makes consumers generally more receptive to e-tailing and the internet.
China's e-tailing leaders, including Alibaba Group, JD.com and Pinduoduo Inc., are deploying sophisticated information and communication technologies to support the robust growth in e-tailing, the report said, adding the country's advanced courier network will also be a boost for the sector.
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