China’s total retail sales will grow 7.5% to reach $ 5,636 trillion in 2019
China may exceed the United States as the world’s largest retail market by 2019, according to a report published by the research firm eMarketer. The report predicts that China’s total retail sales will grow 7.5% to reach $ 5,636 trillion in 2019, while that of the United States will grow 3.3% to $ 5,529 trillion.
The sales boom, according to the report, is a result of China’s growing income and thriving e-commerce.
E-commerce is an important driver of the retail economy in China
“In recent years, consumers in China have seen increases in income, catapulting millions into the new middle class,” said Monica Peart, eMarketer’s senior forecasting director. “The result was an increase in purchasing power and average spending for each person.”
E-commerce is a major driver of the retail economy in China, given that it accounted for almost one fifth of the country’s total retail sales in 2018, according to the National Bureau of Statistics.
On the occasion of the annual shopping festival in China, Singles Day, the e-commerce giant Alibaba has raised over 10 billion yuan ($ 1.47 billion) in just two minutes. Its 24-hour sales amounted to a record $ 31.46 billion, a figure higher than that of Cyber Monday and Black Friday combined.
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