China to dominate global retail market by 2016
China to dominate global retail market by 2016.
Step by step, year by year, China is gaining on the retail markets– and expected to win the race sooner rather than later.
According to the Economist Intelligence Unit, while retail growth in mature Western markets will moderate over the next few years, massive consumption in emerging economies will create a vastly different landscape in the retail market sector by 2022. This is when China is expected to account for around a quarter of global retail sales– twice as much as the USA. In fact, 2012 already saw China eclipsing America as the world’s largest food and grocery market. And this year, it is expected to surpass Japan as the world’s largest luxury goods market and by 2016 the USA as the world’s largest retail market.
Size of retail markets in 2022
||Rest of world (60 countries)
*Prices in USD.