Asia retail sales to grow 7% annually to 2026
This will be driven by strong digitalisation, and consumer confidence, amongst others.
Following a double-digit growth rate last year, Asia’s retail sales were expected to grow at a compound annual growth rate of 7% from 2021 to 2026, a report by Euromonitor International showed.
“Strong digitalisation, disposable income, connectivity and consumer confidence are drivers that will propel the industry forward,” it said in the Top 100 Retailers in Asia report.
The report said that retailers in the region have proven to be “resilient” in 2021 despite the risks posed by subsequent COVID-19 variants, increased inflation, and supply chain challenges.
Retail sales growth reached 12%, exceeding pre-pandemic levels.
“This rebound can be attributed to advanced retail tech integrations, improved supply and warehouse hubs and strategic partnerships. Plus, an expanding upper-middle class and urban populations also brought notable increases in discretionary spending and consumption,” it said.
Euromonitor added that Chinese retailers led the regional ranking with the top three retailers coming from the country as extensive domestic consumer bases, along with strong e-commerce ecosystems, allowed the brick-and-mortar stores and e-commerce platforms to grow.
It also said that of the Top 10 retailers, eight have a strong presence within the e-commerce sector in the region.