This Chart Clearly Shows That The Chinese Consumer Is A Global Gamechanger

The evolution of the Chinese economy has arguably been the most important economic story of the last several decades.

As the world’s second biggest economy matures, it has been increasingly becoming one driven by consumption rather than manufactured exports.

This more recent trend is demonstrated perfectly by the retail success of China’s Single’s Day, a sort of anti-Valentine’s Day.

Bloomberg TV’s Scarlett Fu shared this chart comparing Alibaba.com’s Single’s Day sales and U.S. Cyber Monday sales.

Cyber Monday, which is the Monday following Black Friday when American’s rush to take advantage of online holiday shopping deals, was eclipsed by Single’s Day last year. This year is expected to be even bigger.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.