The frugal Chinese are beginning to more freely open their wallets, and E-Commerce is a big factor behind the loosening purse strings. Online shopping, particularly by young and affluent Chinese, is surging, according to Reuters. Citing figures from online marketing research company iResearch, the story said Chinese E-Commerce sales in the second quarter of 2009 increased nearly 92 percent from the same period in 2008, hitting $8.26 billion in U.S. dollars.
E-Commerce activity far outperformed the 15 percent increase in China’s total retail sales from the same period. The piece also noted that Taobao, the nation’s most popular online auction, predicts its 2009 revenues will more than double compared to 2008. “Online retailing is developing so fast in China that it is quietly changing spending habits, making an especially profound impact on Chinese youth,” said Wang Liang, director of Shanghai Liutong Economics Institute, a government research institution, according to Reuters.