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China Set to Overtake U.S. as the World’s Biggest Retail Market This Year, Despite Slowdown

The mounting signs of an economic slowdown in China may be on the minds of retail executives everywhere, but the country still has significant momentum. So much so, in fact, that it is on track to top the U.S. as the number-one retail market in the world this year.
According to eMarketer’s annual worldwide retail and e-commerce forecast for 2019, China’s total retail sales will reach $5.64 trillion this year, a 7.5 percent increase over 2018. Retail sales in the U.S., meanwhile, will grow 3.3 percent to reach $5.53 trillion.
Even with China’s economic growth slowing to its lowest pace in 30 years, the country’s population is still nearly four times larger than that of the U.S., and its GDP is accelerating at triple the rate. Chinese president Xi Jinping has also made no secret of his aspirations of overtaking the U.S. as the leading global economic superpower, though his tactics have helped spur a trade war with President Donald Trump.
“In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class,” said Monica Peart, senior forecasting director at eMarketer. “The result has been marked rise in purchasing power and average spending per person.”
This past November, Chinese

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Via:: https://footwearnews.com/2019/business/retail/china-top-retail-market-1202734419/