Asia Pacific’s retail sales to grow 24% by 2028

The Shopper Reinvented megatrend will increase at a CAGR of 11%.

Retail sales of the Asia Pacific (APAC) region are expected to grow by 24% from 2023 to 2028, accounting for 57% of total global retail sales growth, according to Euromonitor.

During the period, per capita consumer spending driven by the Shopper Reinvented megatrend—how consumers’ habits are changing across the purchasing process—will increase at a compound annual growth rate (CAGR) of 11%.

The trend is expected to have an impact across four markets in APAC including Indonesia, Vietnam, India and the Philippines.

Indonesia leads all countries globally in terms of the impact of the megatrend with per capita consumer spending increasing at a CAGR of 19%.

Quick commerce services have been gaining traction in the country as Indonesians gravitate towards value for money, instant gratification, and convenient last mile. With the rise of the urban middle class, experiential retail is also gaining popularity in the country, especially in the capital of Jakarta.

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