Currently valued at $20bn, Chinese social-commerce platform Xiaohongshu has over 300m users, most of whom are females from big cities with high purchasing power.
Why
High price and counterfeits
Foreign brands can cost more in China and purchasing from agents risks counterfeits.
Need purchasing tips
As people can't see foreign goods before purchasing, they rely on tips from others.
Chinese shopping culture
The Chinese middle class love social media, mobile and online shopping, especially for foreign brands.
Market
$3tn
The forecasted e-commerce market in China by 2024, at a CAGR of 12.4% from 2021: GlobalData
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