In a report produced by PricewaterhouseCoopers, China are said to become the world’s biggest retail market by 2018, overtaking the US. Despite sales falling from 15.6% in 2009, Chinese sales are still expected to have an average volume growth of 8.7%.
PwC has also said that overall retail sales in the Asia Pacific region will increase at a pace of 4.6% in 2015, compared to 4.1% in 2014 so the region’s retail market will be worth around $10.3 trillion (£6.7 trillion) by 2018.
PwC’s Retail and Consumer Leader for Asia Pacific and Hong Kong/China, Michael Cheng said: "Asia has the potential to drive innovation in areas such as e-commerce and in developing new products. Japan, South Korea and Taiwan are home to some of the world's leading electronics companies. And China and India's consumers are some of the world's most active users of mobile technology and social media."
