China is expected to top the U.S. as the world’s largest retail market in 2019. Retail sales in China are forecast to grow 7.5 percent to $5.6 trillion in 2019. Meanwhile, U.S. retail sales are projected to increase by 3.3 percent to $5.5 trillion. While growth is slowing for both countries, China is expected to outpace the U.S. through 2022.
It is certainly due to the rising incomes that Chinese consumers experience for a decade. Indeed, millions of Chinese workers have moved from rural to urban areas and realized significant wage increases.
Today, China is already the world’s leader in e-commerce sales, with 35.3 percent of the country’s retail sales set to take place online this year. Compared to 10.9 percent in the U.S., China’s e-commerce sales are projected to grow 30 percent to $1.9 trillion in 2019.
While Alibaba will account for 53.3 percent of China’s
The U.S.