Alibaba could benefit from jump in China luxury spending

Hong Kong

ALIBABA Group Holding Ltd may be witnessing a slowdown in online transaction growth, yet it can find consolation in China shoppers boosting their budgets for luxury items.

Consumers are open to paying as much as 4,200 yuan (S$941) for a single item online, according to a KPMG survey released on Tuesday. That is more than double the 1,900 yuan reported in last year's survey and may be a boon to e-commerce companies, including Alibaba and JD.com Inc, facing an economic slowdown in China.