Topic: Retail market worldwide (2024)

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The world’s leading retail markets Global retail market trends: technology and innovation Key insights Editor’s Picks Current statistics on this topic Current statistics on this topic Related topics Recommended Recommended statistics Market overview Market overview Selected retail markets Selected retail markets Leading global retailers Leading global retailers Retail segments Retail segments Global retail trends: digitalization Global retail trends: digitalization Reports & StudiesGet the best reports to understand your industry Get the best reports to understand your industry Contact FAQs
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    • Retail relates to the sale of goods and services to consumers. Transactions take place through various channels of distribution across an ever-growing range of industries, such as food, motor vehicles, apparel, and electronics. While physical or in-store retail is the dominant channel in this market, forms of non-store retailing are becoming increasingly popular too. Online retailing or e-commerce channels are carving out a share of the retail sector in many global markets. Many retailers operate an omnichannel model, which aims to integrate offline and online channels in a seamless way. In 2022, the global retail market generated sales of over 27 trillion U.S. dollars, with a forecast to reach over 30 trillion U.S. dollars by 2024.

    The world’s leading retail markets

    The United States is home to the top three retail companies of the world, namely Walmart, Amazon, and Costco. In 2022, the total retail market of the United States reached a revenue of over seven trillion U.S. dollars. Another giant market in the consumer goods and retail industry, China's retail revenue was 14.81 trillion yuan, or some two trillion U.S. dollars in 2021. Looking at other countries with booming retail markets, India’s retail sales was estimated to reach 1.4 trillion U.S. dollars in 2023. The country’s retail industry is dominated by the unorganized or the informal sector, which is defined as businesses held by own account workers i.e. self-employed individuals or household members assisting them. In Europe, the United Kingdom and Germany are two of the leading retail markets. In 2022, retail sales in Great Britain amounted to over 495 billion British pounds, while Germany recorded retail sales worth 632 billion euros in the same year.

    Global retail market trends: technology and innovation

    The retail industry has successfully leveraged technology across various domains including store and warehouse operations, customer experience, and in more recent years, consumer analytics. Today, further deployment of technology is a top priority for retail executives worldwide. In the U.S., for more than half of retailers, personalized customer experience and inventory visibility were the leading two technology areas to improve. The retail industry has also seen a growing interest in emerging technologies, particularly artificial intelligence (AI). Many retail executives are actively exploring ways to harness the power of AI within their operations.

    This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

    Tugba Sabanoglu

    Research lead covering Non-food CG & Retail

    Get in touch with us now

    Published by Tugba Sabanoglu, May 24, 2023

    Key insights

    Global retail sales
    27.34tr USD

    Topic: Retail market worldwide (2)

    Detailed statistics

    World: retail sales 2020-2025

    Physical retail store sales
    20tr USD

    Topic: Retail market worldwide (3)

    Detailed statistics

    Estimated value of global retail sales 2022-2026, by sales channel

    Forecast retail sales growth
    4.8%

    Topic: Retail market worldwide (4)

    Detailed statistics

    World: retail sales growth 2020-2025

    Get more insights

    Editor’s Picks Current statistics on this topic

    Current statistics on this topic

    Related topics

    Recommended

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    Recommended statistics

    Market overview

    Selected retail markets

    Leading global retailers

    Retail segments

    Global retail trends: digitalization

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    Topic: Retail market worldwide (46)

    Topic: Retail market worldwide (47)

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    Topic: Retail market worldwide (2024)

    FAQs

    Topic: Retail market worldwide? ›

    In 2022, the global retail market generated sales of over 27 trillion U.S. dollars, with a forecast to reach over 30 trillion U.S. dollars by 2024.

    Tell Me More ›
    How big is the retail market in the world? ›

    In 2022, the global retail market generated sales of over 27 trillion U.S. dollars, with a forecast to reach over 30 trillion U.S. dollars by 2024.

    Learn More ›
    What is the global retail market? ›

    Definition: Global retailing is the concept of selling products (i.e., goods and services) across the geographical boundaries of a country to the consumers available in the different parts of the world to attain global presence and recognition and to capture the opportunities prevailing in the potential overseas ...

    Show Me More ›
    What is the global outlook for the retail business? ›

    In 2026, the global retail industry's growth rate is forecast at 3.4%—the slowest growth rate expected from 2021 to 2026. Overall, in the period from 2020 to 2026, the average annual retail industry growth rate is expected at approximately 4.6% as total retail sales worldwide rise to a projected $32.8 trillion in 2026.

    See Details ›
    What is the world's largest retail market? ›

    Leading retailers worldwide in 2021, by retail revenue (in billion U.S. dollars)
    Company (Country of origin)Retail revenue in billion U.S. dollars
    Walmart Inc (United States)572.75
    Amazon.com, Inc. (United States)239.15
    Costco Wholesale Corporation (United States)195.93
    Schwarz Group (Germany)153.75
    9 more rows
    Mar 22, 2023

    Get More Info ›
    What is the world's number 1 most global retailer? ›

    Walmart

    Know More ›
    Who is the world's fastest growing retail market? ›

    World: fastest growing retailers in 2021, by retail revenue CAGR. Alibaba Group Holding Limited/New Retail & Direct Sales was the world's fastest-growing retailer between the fiscal years 2016 and 2021. The retailer registered a retail revenue CAGR (compound annual growth rate) of 153.1 percent during that period.

    Find Out More ›
    What are the problems with global retail market? ›

    The global retail industry entered 2022 with significant challenges: high inflation rates, continuing supply chain disruptions, labor shortages, and a widespread outbreak of the omicron variant.

    Keep Reading ›
    What are the seven major segments of the retail industry? ›

    The retail sectors are prominently divided into Food, Clothing & Textiles, Consumer Durables, Footwear, Jewelry, Books-Music-Gift Articles, and Fuel.

    Learn More Now ›
    What is the retail industry summary? ›

    Retail Sector

    The retail industry consists of all companies that sell goods and services to consumers. There are many different retail sales and store types worldwide, including grocery, convenience, discounts, independents, department stores, DIY, electrical and speciality.

    Find Out More ›

    What is the future of retail in 2023? ›

    And while 2023's growth will be lower than 2022's, the forecast is above the pre-pandemic average annual retail sales growth rate of 3.6%. E-commerce will also have a banner year in 2023, with sales projected to rise 10 to 12% increasing between $1.41 trillion and $1.43 trillion.

    See More ›
    What is the economic impact of the retail industry? ›

    The industry's total labor income impact was estimated to be $2.3 trillion or 18.7 percent of national labor income in 2018. The industry's total GDP impact was $3.9 trillion, accounting for 18.7 percent of US GDP in 2018.

    Read More ›
    What is the retail market prediction for 2023? ›

    Economic outlook for the retail industry

    A slowing economy will keep retail sales growth in check. In our baseline scenario (55% probability), we forecast GDP growth to slow to 0.9% in 2023 from an estimated 2% in 2022 and 5.9% in 2021. A relatively healthy labor market will, however, continue to boost sales.

    Learn More Now ›
    Is retailing the largest industry in the country? ›

    The U.S. retail industry is the largest private-sector employer in the country, directly employing about 32 million people (16.0 percent of national total employment) and supporting more than 52 million jobs.

    Read The Full Story ›
    How much of the market is retail? ›

    The percentage of total trading volume coming from retail investors was about 23% from January 25 to February 1, JPMorgan's Peng Cheng wrote in a note to clients this week, narrowly edging out the record retail share of 22% in the pandemic-fueled trading frenzy and a massive increase in retail volumes since late last ...

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    What percentage of market is retail? ›

    According to Morgan Stanley, retail investors make up about 10% of the daily trading value of the 3,000 biggest U.S. stocks.

    Explore More ›
    What is the total US retail market size? ›

    DEC. 15, 2022 ― Retail sales (NAICS 44-45) for the nation increased 17.1%, from $5,572.0 billion in 2020 to $6,522.6 billion in 2021, according to new estimates from the U.S. Census Bureau's 2021 Annual Retail Trade Survey (ARTS).

    Learn More Now ›
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