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According to a report released Wednesday by research firm eMarketer, China could overtake the United States and become the largest retail market in the world this year.
According to the report, total retail sales in China are expected to increase 7.5% to US $ 5,636 billion in 2019, while US sales would increase by 3.3% to US $ 5.529 billion.
According to the report, the sales boom is the result of rising incomes in China and e-commerce booming.
"In recent years, Chinese consumers have seen their incomes rise, catapulting millions of people into the new middle clbad," said Monica Peart, Director of Forecasting at eMarketer. "The result is a clear increase in purchasing power and average spending per person".
E-commerce is one of the major drivers of the retail economy in China, accounting for nearly one-fifth of the country's total retail sales in 2018, according to the National Bureau of Statistics .
On Singles Day, e-commerce giant Alibaba cashed more than 10 billion yuan (1.47 billion US dollars) in just two minutes during China's annual trading holiday. Its 24-hour sales reached a record 31.46 billion US dollars, more than the combined sales of Cyber Monday and Black Friday.
By the end of the year, China will achieve 55.8% of all online retail sales in the world, this figure to exceed 63% by 2022, according to the report. He also predicted that the US share of the global e-commerce market is expected to fall to 15% by 2022.
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