South Koreans spending more on Chinese online stores
South Koreans are spending more at Chinese online stores, according to credit-card spending data.
Purchase records from November 1-26, compiled by the big data centre at Shinhan Card, showed a 9.8 per cent increase from last year in the value of goods bought from overseas internet sites. The number of transactions was up 16.6 per cent year on year.
Chinese online stores outperformed rivals from other countries. AliExpress took 9.5 per cent of the purchases, up from 6 per cent in 2016 and 6.1 per cent last year. It ranked second after Amazon’s 16.3 per cent.
Taobao, another Chinese Internet shopping site, grew from 2.3 per cent in 2016 to 3.3 per cent last year and to 4.4 per cent this year, raising it to the third most-used overseas online marketplace. Alibaba made it to the top 10 for the first time this year with 1 per cent.
The shift is stark when comparing the purchases during Black Friday in the US and Singles Day in China. This year, overseas shopping during Singles Day rose 35 per cent. Black Friday purchases stopped at a 9 per cent gain.
Data showed 70.8 per cent of purchases during Singles’ Day were for goods priced up to 50,000 won (US$44.32). Shoppers in their 30s and 40s remained the biggest clients, but the number of those in their 20s increased 1.9 percentage points from last year.
Original reporting by Yonhap, via Korea Bizwire.