Pursuits
Alibaba, JD.com Could Benefit From Doubling of China Luxury Spending
- Consumers feel comfortable spending 4,200 yuan on single item
- Luxury online shopping driven by pricing, better deals
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Alibaba Group Holding Ltd. may be witnessing a slowdown in online transaction growth, yet it can find consolation in China shoppers boosting their budgets for luxury items.
Consumers are open to paying as much as 4,200 yuan ($661) for a single item online, according to a KPMG survey released Tuesday. That is more than double the 1,900 yuan reported in last year’s survey and may be a boon to e-commerce companies, including Alibaba and JD.com Inc., facing an economic slowdown in China.