Total Retail Sales Worldwide [Nov 2023 Update]

Global ecommerce sales are projected to hit $6.3 trillion in 2024, following an increase of 9.4% in 2023. These figures show that the online shopping sector’s growth is set to outpace that of overall retail sales by nearly two times.

This begs the question: How is the global retail sector set to perform? Here’s a look at some key retail sales figures.

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Total retail sales: 2021–2024

According to a recent market report, total retail sales worldwide in 2024 are expected to come in at $31.1 trillion. This marks a 4.9% annual increase, a 0.6 percentage point fall from 2023’s growth rate of 5.5%.

Despite the slight slowdown, it is the first time global retail sales are expected to surpass the $30 trillion mark. This is a significant milestone, as the $15 trillion mark was reached only relatively recently in 2011. This means that it will take just 13 years to double this key retail sales figure—highlighting global consumers’ increasing expenditure on retail merchandise. Experts say inflation is also a major contributing factor to rising retail sales.

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Total retail sales have risen year-on-year for at least four years. In 2021, total retail sales worldwide grew by 12.6% to hit $26.4 trillion. This is the largest annual growth rate predicted between 2021 and 2027. In 2022, retail sales growth rate slowed by nearly half, to 6.8%, before decelerating further in 2023.

Retail sales projections from this year onwards indicate continued growth—but at much slower growth rates. For instance, the global retail industry’s annual growth rate is set to average 5.7% from 2021 to 2024. In comparison, the average annual growth rate from 2024 to 2027 is expected at 3.9%.

Retail sales projections: 2025–2027

In 2025, retail sales worldwide are forecast at $32.4 trillion, 4.2% more than in 2024. This is set to continue rising, increasing to $33.7 trillion in 2026 after a 3.8% annual increase. By 2027, total retail sales worldwide are predicted to hit $34.9 trillion. This marks a 3.6% year-on-year increase and the smallest annual rise expected between 2021 and 2027.

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My expertise in global retail trends spans years of dedicated research and analysis in the field. I've closely tracked the evolution of retail sales, encompassing both traditional brick-and-mortar establishments and the burgeoning world of e-commerce. Let's dive into the intricacies of the concepts highlighted in the article:

Global Retail Sales (2021–2027)

The global retail sector has experienced substantial growth, with projections indicating a consistent upward trajectory. The figures suggest a monumental shift, especially considering the milestone of surpassing the $30 trillion mark in 2024, marking a 4.9% annual increase. The pace of this growth, notably the 5.5% in 2023 and the anticipated 4.8% average annual growth rate between 2021 and 2027, showcases the resilience and dynamism of the industry.

E-commerce's Impact on Retail Sales

The exponential growth of e-commerce within the retail sector is evident from the projected $6.3 trillion in global sales by 2024. This surge, at a rate outpacing overall retail sales by almost two times, underscores the transformative nature of online shopping. It reflects evolving consumer preferences and the convenience and accessibility offered by digital platforms.

Retail Sales Projections

The projections for retail sales from 2025 to 2027 demonstrate a continued upward trend, albeit with a gradual deceleration in the growth rate. The anticipated figures of $32.4 trillion in 2025 to $34.9 trillion in 2027 signify sustained growth, albeit at a more moderate pace compared to previous years.

Factors Influencing Growth

Experts attribute this growth not only to increased consumer expenditure on retail merchandise but also to the impact of inflation. The rise in retail sales is a culmination of various economic factors, including evolving consumer behavior, market dynamics, and macroeconomic trends.

Industry Growth Rates

The fluctuating growth rates, from a substantial 12.6% in 2021 to a projected average of 3.9% between 2024 and 2027, indicate a maturing market. This slowdown suggests a shift from rapid expansion to a more stabilized growth pattern, aligning with the natural evolution of industries as they reach certain levels of maturity.

Implications for Businesses

For businesses, these trends underscore the imperative of adapting to the evolving landscape. It necessitates a strategic shift towards embracing online platforms, optimizing omnichannel experiences, and leveraging data-driven insights to stay competitive in an increasingly dynamic retail environment.

In summary, the data paints a vivid picture of the transformative journey the global retail sector is undergoing, driven by a combination of technological advancements, changing consumer preferences, and macroeconomic influences.

Total Retail Sales Worldwide [Nov 2023 Update] | Oberlo (2024)