Dear MEL Topic Readers,
China will overtake the US as the world's biggest retail market this year
Even though the speed for growth is slowing down, China’s retail sales are expected to show a hefty growth of 7.5% to $5.6 trillion this year. China will then be the world largest retail market, surpassing the U.S. by $100 billion. With twice the size of the middle-class population compared to the U.S.’s, China’s automobile and smartphone markets are already the largest in the world. What’s surprising about China’s retail is the share of online retail, which is expected to exceed one-third of the total retail spending this year. You may know the Singles Day on November 11th, Alibaba’s annual online sales blitz generates much bigger sales than Black Friday and Cyber Monday combined in the U.S. The Hangzhou based group of e-commerce businesses, including B2B web portals, retail marketplaces like Taobao and Tmall, payment services like Alipay, Alibaba is estimated to own over half of all online sales in China. And they are expanding their business in offline business.
With increasing dependence on smartphones, online retail business in China is going to reach another milestone this year and beyond.
Enjoy reading and think how much more or less you spent online than at brick-and-mortar stores.
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