Global retail sales projected to top $22tn in 2014
The latest snapshot of global retailing to be conducted by eMarketer has found that total sales across both in-store and ecommerce will approach $22.5tn in 2014.
What’s more the industry is expected to enjoy steady growth over the next few years, reaching a combined $28.3tn in 2018.
Retail ecommerce will account for 5.9 per cent of the worldwide retail market this year, equating to $1.316tn, a figure expected to grow to nearly $$2.5tn by 2018 – representing an 8.8 per cent market share.
Surging growth in the Chinese and US economies is behind much of this growth, with both markets accounting for in excess of 55 per cent of the world’s internet retail sales over the past 12 months.
By 2018 China will exceed $1tn in retail sales alone, a 40 per cent share of the global total, with the US in second place at $500bn and the UK third with $125bn.
Explaining the UK’s position emarketer said: “Nearly 77% of the UK's population will make a purchase online in 2018. With ecommerce accounting for 18% of total retail sales in the UK by the end of our forecast -- leading all countries by this metric -- this high volume of digital buyers that purchases online often positions the UK as the third-largest ecommerce market, despite being only eighth-largest in total retail sales.”