China Will Top US as #1 Retail Market This Year, Study Says
2019 Chinese retail sales are expected to reach $5.6 trillion, compared to $5.5 trillion in the U.S. The Chinese retail market is expected to grow 7.5%, compared to a U.S. retail growth of 3.3%.
eMarketer predicts that China will outpace the U.S. through 2022. Annual per capita spending in the U.S. is more than 4 times that of China. U.S. per capita sales in 2019 are estimated at $16,661 compared to China’s projection of $4,056. Over the past decade, millions of Chinese have migrated from the country’s rural areas to its cities. As a result, their wages have increased, helping to create a “new middle class.” By the close of 2019, China is expected to account for 55.8% of the world’s online retail sales.
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