China is set to overtake the US as the world’s largest retail market this year, according to a report published by CNN.
The Asian country’s retail sales are expected to hit a value of US$5.6 trillion in 2019, which would trump the US’ total by approximately US$100 billion, per CNN Business.
“In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class,” Monica Peart, Senior Forecasting Director at eMarketer told CNN. “The result has been a marked rise in purchasing power and average spending per person.”
What’s more, China’s retail sales are expected to accelerate through 2022, widening the gap between the American and Chinese markets still more.