02 Jun, 2020 China’s online grocery sector set for explosive growth as over half of consumers shift to online shopping, says GlobalDataPosted in Retail
As China emerges from the lockdown restrictions, 56.0% of Chinese consumers are buying food and grocery online more frequently than before, says GlobalData, a leading data and analytics company.
Thomas Brereton, Retail Analyst at GlobalData, comments: “The impact of COVID-19 will leave a permanent mark on how we shop for groceries, with demand for home fulfilment soaring around the world as consumers follow the ‘stay at home’ message from many governments.”
Brereton concludes: “With a population of 1.4 billion (and a grocery market 13 times the size of the UK), the potential value growth in the Chinese online grocery market is phenomenal. To highlight, Chinese food delivery service Meituan, founded in 2010 (and well placed to gain from this shift in consumer behavior), recently hit a US$100bn valuation.”