The country may become the world’s largest retailer.
China’s retail market will drop by 4% to reach $6.95t (US$5.08t) in 2020, according to research data published by ComprarAcciones.com, based on eMarketer’s findings.
Meanwhile, the US’ retail market is forecasted to take a bigger hit and finish at $6.69t (US$4.89t), therefore placing China in the lead.
According to ComprarAcciones.com, August saw the first monthly retail growth since the beginning of the year, marking a 0.5% YoY increase in sales.
In August, China’s cosmetics, jewellery, office supplies, and telecoms sales rose by 19%, 15.3%, 9.4%, and 25.1%, respectively.
Building materials and furniture sales, on the other hand, plummeted by -2.9% and -4.2%, respectively.
From January through August, online sales of physical goods grew by 15.8%. During the same stretch, overall online sales soared by 9.5% YoY to $1.41t (US$1.03t), with food sales accounting for 35.4% of the growth.
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