The global retail industry is expected to follow an upward growth trend from 2021 following a tumble in 2020 as a result of the coronavirus pandemic.

In 2021, the retail industry growth hit 9.7 percent, marking a massive rebound after it fell 2.9 percent in 2020, which experts attribute to a higher unwillingness by consumers to spend amid economic uncertainty. 

Looking forward, growth is expected to continue, albeit at a slower rate. According to analysts’ projections, the retail industry growth rate for 2022 is five percent—around half of the previous year’s rate. 

The retail industry’s growth is expected to slow down slightly next year. 2023’s retail industry growth forecast is just a fraction lower at 4.8 percent. It’s forecast to rise slightly to 4.9 percent before falling again to 4.1 percent in 2025—the slowest growth rate from 2021 to 2025.

Overall, in the period from 2020 to 2025, the average annual retail industry growth rate is expected at approximately 4.3 percent as total retail sales worldwide rise from $23.7 trillion in 2020 to a projected $31.3 trillion in 2025.

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Top Global Retailers

The biggest drivers of the rising retail industry growth rate are the world’s largest retailers. Currently, the world’s top retail companies are located in the US and Europe.

The largest retailer, Walmart, saw a turnover of more than half a trillion ($519.93 billion) in 2021, nearly double that of its closest competitor and ecommerce giant Amazon.

Here’s a list of the top ten global retailers and their global sales revenue in 2021:

  1. Walmart (US): $519.93billion
  2. Amazon (US): $280.52 billion
  3. Costco (US): $163.22 billion
  4. Schwarz Group (Germany): $133.89 billion
  5. Aldi (Germany): $116.06 billion
  6. (China): $82.86 billion
  7. Carrefour (France): $82.60 billion
  8. Ahold Delhaize (Netherlands): $78.17 billion
  9. Alibaba (China): $71.99 billion
  10. Ikea (Sweden): $45.18 billion

US Retail Industry Growth Forecast

The US retail industry growth forecast for 2022 is at 2.5 percent, the slowest from 2019 to 2025. It’s expected to rise further to 3.5 percent in 2023. 

In comparison, 2021’s growth rate was 15.5 percent. Despite the coronavirus pandemic, the US retail industry grew three percent in 2020, thanks to a surge in ecommerce sales (32.4 percent).

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