According to eMarketer’s latest worldwide retail and e-commerce forecast, China is set to become the Number 1 retail market in 2019, surpassing the United States by over US $ 100 billion.
The Chinese retail market will grow by 7.5 percent to reach US $ 5.636 trillion this year. Meanwhile, US retail sales will grow by 3.3 percent to hit US $ 5.529 trillion.
Moreover, China’s growth rate will exceed that of the US till 2022.
The report states that e-commerce is the prime driver of China’s retail economy with sales growing by 30 percent in 2019 to reach US $ 1.989 trillion which means that 35.3 percent of China’s retail sales occur online, the most in the world.
Notably, China surpassed the US in e-commerce sales in six years back.
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