China to pass US in retail sales this year: forecast

| January 23, 2019

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Chinese consumers should outspend their American counterparts in 2019, with retail sales in the Asian giant continuing to grow in the coming years, according to an industry forecast published Wednesday.Retail sales in China are expected to hit 5.64 trillion USD, an increase of 7.5 percent over 2018, while Americans are likely to spend 5.53 trillion USD, a 3.3 percent increase, according to the market research firm eMarketer."In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class," Monica Peart, forecasting director at eMarketer, said in a statement.Growth in China's retail sector has been driven by online sales, which should expand by 30 percent this year, reaching 1.99 trillion USD, according to the firm.

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