Total Retail Sales Worldwide (2021–2026)
Total retail sales worldwide in 2023 are expected to come in at$29.3 trillion. This marks a 3.9% annual increase, a slight slowdown from the previous year’s 6.9% growth.
2022’s growth in total retail sales worldwide was an upward revision fromearlierretail sales projections by analysts, when they predicted that overall sales for the year would increase by a slightly lower 4.7%. Experts say the correction is largely due to inflation.
The growth rate in 2022 also follows a 12.5% surge from 2020 to 2021, when total retail sales increased from $26.4 trillion to $28.2 trillion. 2021’s global retail sales figures actually far exceeded market expectations—experts had forecast global retail sales to grow to around $25 trillion.
Retail sales projections from 2023 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%.
Total retail sales: 2024-2026 forecast
In 2024, retail sales worldwide are forecast at $30.6 trillion, 4.3% 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 $31.7 trillion in 2025 after a 3.7% annual increase. By 2026, total retail sales worldwide are predicted to hit $32.8 trillion. This marks a 3.4% year-on-year increase, the smallest annual rise in the forecast period of 2021 to 2026.
From 2021 to 2026, global retail sales are expected to increase by $6.4 trillion. This represents an overall increase of 24.2% and an average annual growth rate of 5.8%.
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 increasedby 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.