China’s online retail market will hit $1 trillion this year, a year ahead of predictions, according to Forrester.
The Forrester report revealed the growth in mobile shopping and consumer spending in categories like fashion and grocery would see China’s retail sales reach $1.1tn in 2018.
Chinese online shoppers will continue to grow by 4.6% annually to reach 631 million by 2022, up from the current 502 million.
The report, which provides online retail forecasts for Asia Pacific, found China remains the largest market accounting for close to 83% of all retail sales across the region.
Japan is the second largest with $97bn, followed by South Korea with $69bn, Australia with $31bn and India with $27bn. India continues to be the region’s fastest growing market and is expected overtake Australia in 2019.
One-fourth of all retail sales in APAC will occur online by 2022, led by China and South Korea.
Online retail via mobile devices continues to accelerate across the region and is expected to grow 17.64% annually to reach $1.7tn in 2022, up from $735bn in 2017. Mobile sales will account for 80% of online retail sales in 2022.