Consumers go online for lower prices: report
Chinese consumers are increasingly using the Internet for their shopping needs, primarily driven by cheaper prices online, according to findings from the accounting firm KPMG.
Growth in e-commerce for business-to-business and consumer-to-consumer channels is “explosive” and the number of online transactions is expanding rapidly to keep up with the customers’ demands, KPMG said in its latest report China’s Connected Consumers.
In a survey conducted in October 2013, KPMG asked 10,200 luxury consumers based in 90 cities across China about their spending habits during the past 12 months. Respondents were between 18 and 50 years old.
Respondents said they shop online because the available goods are cheaper than in their brick and mortar store counterparts and it is is more convenient, according to the report.