Business / Industries

Online shopping sees huge surge

( Updated: 2016-05-23 14:44

Online shopping index jumped 12.1 times as much as that of five year ago, and consumers spent more online on entertain and leisure, according to a report released on Saturday by the Ant Financial, Alibaba's online financial platform.

The study showed that the scale of online shopping index, which has been rising steadily, surged more than 12 times as much as that of January 2011. It also showed that consumers are spending more on online shopping.

"Online consumption provides 'ballast' to stabilize the economy," concluded the report. Driven by online consumption, the share of ecommerce in China's GDP in 2012 witnessed a growth of 0.8 percent. The figure rose to 1.8 percent in 2014. Though China's economy stepped into "a new normal" with moderate growth rate, the share of ecommerce remained stable — 1.6 percent.

New consumption points such as catering, airline and traveling business, education and service are skyrocketing, with average annual growth rate of 70 percent.

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