OP Pohjola survey: Chinese online stores are particularly popular among men for their Christmas shopping – product safety requires special attention

OP Pohjola card data and a Nov. 2025 survey of 1,120 Finns show a sharp shift toward cheap Chinese online retailers — purchases rose roughly 156% (Jan–Sep 2025 vs Jan–Sep 2024) with Temu driving much of the euro-value growth — and the trend is stronger among men (nearly a third would buy or have bought Christmas gifts from platforms such as Alibaba, AliExpress, Shein or Temu). The firm links the move to a weaker economy and higher prices (38% plan to cut Christmas spending; 81% of those will trim gift budgets), but warns of material product-safety risks from rechargeable electronics, counterfeit CE markings and buyer liability for non‑EU purchases; insurers say home policies still cover resulting damage. The combination of demand for lower-cost imports and elevated safety/claims exposure implies potential upticks in consumer-claims activity and regulatory scrutiny for cross-border e-commerce.

Analysis

OP Pohjola's card data and a Nov. 2025 OP Pohjola survey of 1,120 Finnish adults show a sharp shift toward cheap Chinese online retailers: purchases from these stores rose roughly 156% in euros when comparing Jan–Sep 2025 to Jan–Sep 2024, with Temu singled out as a major driver of euro-value growth. The survey finds current Christmas-shopping patterns are mixed — 35% buy all presents in person, 45% split online and physical, ~3% buy entirely online, and about one-fifth buy from international online stores — indicating material penetration but not wholesale migration away from domestic retail.

Demand is materially skewed by gender and price sensitivity: nearly a third of men have bought or would buy gifts from Alibaba/AliExpress/Shein/Temu (19% would consider, 11% have already bought and will continue), while 82% of women say they have never and would never buy from those platforms; 38% of respondents plan to spend less on Christmas and 81% of that group will cut gift spend, suggesting the macro backdrop (weaker economy, higher prices) is a key behavioral driver. These dynamics support sustained volume growth for low-cost cross-border marketplaces but concentrated among price-sensitive buyer segments.

Risk and industry-impact considerations are clear and specific: OP Pohjola and Pohjola Insurance flag product-safety concerns (rechargeable batteries, fake CE markings) that elevate fire and liability risk, and buyers of non-EU products face return and liability complications even though home insurance may cover resulting damage. The combination of rising low-cost imports, heightened product-risk, and potential regulatory scrutiny implies investors should watch payment-flow data, consumer-claims trends at insurers, and any enforcement action on CE compliance as potential near-term drivers of earnings volatility for e-commerce platforms, retailers selling low-cost electronics, and insurers.

Key Decisions for Investors

• Monitor OP and sector card-transaction data and Temu/Chinese-platform share of wallet as a leading indicator of durable demand shifts before increasing exposure to cross-border e-commerce names
• Reassess exposure to retailers and distributors of cheap, rechargeable electronics; consider trimming or hedging positions where product-safety noncompliance could trigger recalls or liability costs
• Track insurance claims and reserve trends for battery-related home-fire incidents and regulatory enforcement on CE markings; position insurers and suppliers based on observable upticks in claims or enforcement actions
• Remain cautious on consumer-facing names that lack clear supply-chain compliance and warranty/return channels in the EU; favor platforms and sellers with verified EU compliance, returns infrastructure, and clear product-safety controls