Global ecommerce sales are projected to hit $5.8 trillion this year, following an increase of 8.9% from the previous year. These figures show that the online shopping sector’s growth is set to outpace that of overall retail sales. 

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: 2023

According to a recent market report, total retail sales worldwide in 2023 are expected to come in at $29.7 trillion. This marks a 5.5% annual increase.

Retail sales projections from this year onwards indicate a continued positive trend and growth. The global retail industry’s annual growth rate is set to average 3.8% from 2023 to 2026. In comparison, the average annual growth rate from 2021 to 2023 was 7.8%.

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Retail sales projections: 2024–2027

In 2024, retail sales worldwide are forecast at $31.1 trillion, 4.9% more than in 2023. It is also the first time global retail sales are expected to surpass the $30 trillion mark. 

This is set to continue rising, increasing to $32.4 trillion in 2025 after a 4.2% annual increase. By 2026, total retail sales worldwide are predicted to hit $33.7 trillion. This marks a 3.8% year-on-year increase. This is followed by a 3.6% rise in 2027, to bring total retail sales worldwide to $34.9 trillion. It is also the smallest annual rise expected between 2023 and 2027.

In the forecast period from 2023 to 2027, global retail sales are expected to increase by $5.2 trillion. This represents an overall increase of 17.5% and an average annual growth rate of 4.4%.

Total retail sales growth by region: 2022

Diving into specific regions, the latest data shows that retail sales experienced the biggest growth in the Middle East and Africa in 2022. Retail sales figures there increased by 16.1%.

This was followed by Southeast Asia, where retail sales grew by 9%. The Asia Pacific and Latin America regions were next, with increases of 5.9% and 5.5%, respectively.

In Central and Eastern Europe, total retail sales inched upwards by 4.7%. Western Europe and North America also saw their retail sales figures increase last year, by 2.6% and 2.5%, respectively.

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