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88% of online mutual fund buyers age 40 and under
Online Edition
PEOPLE from 18 to 40 years old make up 88 percent of the buyers of online wealth management products, China's largest online shopping website Taobao said yesterday.
More than 53 percent of online buyers on Taobao's mutual fund sales outlets have been 20 to 30 years old since it was launched on November 1. The new sales channel appeals to younger investors who previously have had little investment experience, Taobao said in a report yesterday.
Shanghai, Beijing and Guangzhou were reported to be the top three cities for transaction volumes for Taobao’s online fund. Guangdong, Shanghai, Zhejiang and Jiangsu Province have the biggest numbers of online wealth management buyers.
Inland regions such as Jilin and Shaanxi provinces also showed a big demand for online fund transactions and wealth management products, the report said.
Men made up of 57 percent of online mutual fund buyers on Taobao and they contributed 61 percent of the total transaction volume.
A second group of fund management companies opened sales outlets on Taobao earlier this week as they seek to attract younger investors.
There are altogether 32 fund management companies selling products on Taobao's platform and they're offering more than 200 kinds of investment vehicles.
A number of Internet companies including Baidu and NetEase are joining the wave of growing demand for online fund transactions.
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