China's online consumption on the rise

JD, Alibaba and Vip.com were the top three Chinese companies in terms of online sales last year, according to a report by the China Chain Store & Franchise Association and Deloitte.

The total online sales of the top 100 companies surpassed 2 trillion yuan ($282.75 billion), up 13.19 percent year-on-year, the association said.

Last year, as China optimized COVID-19 response measures, policies such as expanding domestic demand and boosting consumer spending have further demonstrated the resilience of online sales.

In 2022, China's online sales rose 4 percent year-on-year to 13.79 trillion yuan. Specifically, online retail sales of physical goods totaled 11.96 trillion yuan, up 6.2 percent year-on-year and accounted for 27.2 percent of China's retail sales of consumer goods.

Online sales of the top 20 companies account for more than 90 percent of the total, the association said, adding the threshold to be included on the top 100 ranking rose to 500 million yuan.

Among the 100 companies, 50 focus on consumer goods and 43 are not e-commerce businesses. A total of 47 companies are from eastern China, with their online sales accounting for 33.6 percent of the total.

With deep integration of the digital economy and the real economy, demand for online consumption is expected to recover and grow, further promoting consumption recovery, said an official with the association.