Amid the global economic slowdown, the outlook for Asia-Pacific will remain mostly positive in 2023. China is no longer the economic engine it once was, but major opportunities in ecommerce, the metaverse, and still-developing countries will support growth in the region overall.
Overall ecommerce growth is fizzling in China, so brands and marketers will need to shift their attention to emerging channels. The country’s 10-year-plus digital buying boom is no more. Retail ecommerce sales growth dropped to single digits in 2022 and will remain there throughout our forecast period.
However, consumers are increasingly utilizing newer subcategories of ecommerce:
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