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China’s retail sales may remain robust
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China’s retail sales are expected to grow 9.2 percent in 2016, and the industry-wide growth pace is expected to remain in single-digits over the next five years, a latest industry report shows.
PwC said in a report today that it forecasts a compounded annual growth rate of 7.5 percent in the value of China’s retail and consumer products sector from 2016 to 2020 and retail sales are predicted to amount to reach 44 trillion yuan by 2020.
Official figure from the National Bureau of Statistics showed that total retail sales of consumer goods stood at 15.6 trillion yuan in the first half of 2016.
Kevin Wang, PwC China Retail and Consumer Leader, said, “The face of China’s retail and consumer products sector is rapidly changing. As the purchasing power of millennial shoppers is increasing, there is a shifting demand for new products that promote life experiences and healthy lifestyles."
"A maturing domestic economy and a larger retail sector are expected to help maintain the growth rate at around 7 percent over the next few years," he added.
Retail trends also indicate that as sales growth has stabilized, online shopping growth are accelerating.
According to PwC’s Total Retail Survey, as many as 88 percent of Chinese respondents said they shopped via mobile devices in 2015, compared with 54 percent globally. Approximately one-third of the Chinese respondents said that they prefer to pay online via mobile phones, compared with 12 percent on a global level.
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