Chinese Ecommerce Sales to Jump by 62% and hit Over $2 Trillion in 2029, more than European and US Markets Combined

The global ecommerce industry continues surging despite supply chain issues, inflation, rising digital advertising costs, and changing consumer behavior. In 2024, the entire market is expected to gross a whopping $3.17 trillion, 14% more than last year, and nearly 40% of that value will come from China.

Besides generating far more revenue than any other country, China will also see the biggest sales growth in the following years, which will help it cement its position as the absolute leader in the global e-commerce landscape. According to data presented by Stocklytics.com, Chinese ecommerce sales are expected to jump by a massive 62% and hit over $2 trillion by 2029, or more than European and US markets combined.

Chinese Ecommerce Sales to Grow by $750 Billion in Five Years

A decade ago, China accounted for less than 1% of the global ecommerce market. Today, it`s the world`s largest ecommerce industry, generating almost 40% of total sales, and home to some of the biggest ecommerce giants like Alibaba, AliExpress, and JD.com. Although the country`s ecommerce sector is currently slumping due to the slowdown in the economy, it`s still grossing far more revenue than other top markets. The Statista Market Insights show just how big that difference is.

Despite the current slump, Chinese ecommerce sales are expected to hit $1.24 trillion in 2024, 65% more than in the United States and 135% more than in Europe. The US market will generate $757 billion in ecommerce sales, while Europeans will spend nearly $530 billion on online purchases.

However, Statista expects the Chinese market to make up for lost momentum in the following years, with the country`s ecommerce sales surging by 62% to more than $2 trillion by 2029. The US market will see a 59% growth in this period, resulting in $1.14 trillion worth of ecommerce sales by 2029. The European market follows with a 51% growth and $811 billion in sales five years from now.

Statistics also show that, although its ecommerce sales will increase by a whopping $750 billion, China will still have a 40% share of the global market. The United States will see its market share drop by 1% in the following years, while the European market will grow the most and make 22% of global ecommerce sales by 2029, up from 16% this year.

One in Five of All Online Shoppers in 2029 will be from China

The ecommerce industry will continue thriving mainly due to technologies that have taken the online shopping experience to a whole new level. Artificial intelligence, voice search, AR and VR-enhanced shopping, and personalized customer service have wiped off the differences between online shopping and going into the brick-and-mortar store, turning ecommerce into the number one choice for hundreds of millions of people worldwide.

According to the Statista survey, around 2.3 billion people will shop online in 2024, or 300 million more than last year. Statista expects another one billion people to flock to shopping apps and websites in the next five years, with the total number of users jumping to 3.3 billion. Amazingly, one in five of all online shoppers in 2029 will be from China. Roughly 15% of all users will come from Europe and another 9% from the United States.