The global retail industry is on an upward growth trend as sales continue to increase year after year.
The retail industry growth forecast for 2020 is 4.1 percent. This is a slight dip from 4.5 percent in 2019 and 5.8 percent in 2017, which experts attribute to a higher unwillingness by consumers to spend amid economic uncertainty.
Despite the slight fall, the retail industry growth rate is expected to return to 4.5 percent in 2021, which is likely to be sustained until at least 2023.
Overall, in the six-year period from 2017 to 2023, the average annual retail industry growth rate is expected at approximately 4.7 percent as global retail spending increases from $22.974 trillion to $29.763 trillion.
Asia is expected to be the driving force behind much of the 2020 retail industry growth rate. Home to the world’s largest retail market, China, analysts say Asia is where the quickest growth rate will be, accounting for as much as 45 percent of total retail sales.
Most of the retail industry growth will come from the world’s largest retailers, which, in spite of the slight slowdown, continue to enjoy billions of dollars in global revenue. Currently, the world’s top retailers are in the US and Europe, with a majority from the former.
The largest retailer, Walmart, saw a turnover of more than half a trillion ($518 billion) in 2019, more than double that of its closest competitor and ecommerce giant Amazon.
Here’s a list of the top ten global retailers and their global sales revenue in 2019:
In the US, the retail industry growth forecast for 2020 is between 3.5 percent and 4.1 percent as sales continue to grow and are expected to surpass $3.9 trillion.
In comparison, 2019’s growth rate was 3.7 percent, a touch shy of the National Retail Federation’s 3.8 percent forecast.
From the turn of the decade, the US retail industry has grown at an average annual rate of 3.76 percent, of which the greatest increase of five percent came in 2010.
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