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China to cross US in total retail sales in 2019: eMarketer

Jan '19
China to cross US in total retail sales in 2019: eMarketer
China is set to turn the top retail market in 2019, displacing the United States. China’s retail sales this year will surpass that of the latter by more than $100 billion, growing 7.5 per cent to reach $5.636 trillion, according to eMarketer’s latest worldwide retail and e-commerce forecast. US retail sales will grow 3.3 per cent to hit $5.529 trillion.

Though growth rates are slowing for both countries, China’s growth rate will exceed that of the United States till 2022, eMarketer said in a press release.

“In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class. The result has been marked rise in purchasing power and average spending per person,” said Monica Peart, senior forecasting director at eMarketer.

E-commerce is a major driver of China’s retail economy, with sales growing more than 30 per cent in 2019 to reach $1.989 trillion. That implies 35.3 per cent of China’s retail sales occur online—the highest in the world.

The United States lags far behind, with e-commerce on track to represent 10.9 per cent of its retail sales. China surpassed the United States in e-commerce sales in 2013.

By the end of this year, China will have 55.8 per cent of all online retail sales globally, with that figure expected to exceed 63 per cent by 2022. The US share of the global e-commerce market is expected to drop to 15 per cent by 2022.

Alibaba will lead ecommerce sales in China with a 53.3 per cent share. Its share has been steadily declining for the past several years, as smaller players chip away at the giant’s dominance. In particular, social commerce platform Pinduoduo has witnessed triple-digit growth since 2016, although its share remains small. (DS)

Fibre2Fashion News Desk – India

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