Chinese consumers spent more than 784.93 billion yuan ($124.6 billion) on online purchases in 2011, skyrocketing 66 percent from a year ago, said a report jointly released by the International Data Corp., a global market research firm and Alibaba, China's leading e-commerce giant.

The consumption boom was supported by a vibrant economy and solid wage growth in the country. The buoyancy delivered a strong boost to China's e-commerce firms. Alibaba's Taobao, China's largest C2C platform, recorded an average daily transaction volume of at least 4 billion yuan ($634.9 million) last year.

The online consumption volume currency accounts for around 3 percent of China's retail sales of consumer goods, well below the level of developed countries. That indicates great potential for the market to grow, said the report, predicting that the proportion will increase to 7 percent by 2015.