China is already the world's second retail market | Key4Communications |

The Chinese retail industry recorded sales for $3.44 trillion in 2012, almost doubling the 2008 figure ($1.77 trillion), according to the Chinese commerce ministry. Indeed, retail sales grew by 16.3% each year, helping China to become the second world's largest retail market. The country was not expected to surpass Japan and be placed just behind the US until 2015, according to 2011 forecasts.

Moreover, retail now accounts for 9.7% of China's economy, a still mostly industrial country, and created over 60 million jobs in 2012, up 33% from the 45 million jobs in 2008.

Also online
Sales are growing both in traditional stores and online. According to a report by Boston Consulting Group, China could be the largest e-commerce market in 2015, growing 33% each year and surpassing the US, despite the fact that in 2006 not even 10% of the population bought online, a figure that in 2015 could reach 44% (in Spain, the percentage is 27%).

In fact and for example, the internet is already the leading shopping channel for toys in China, according to the annual report of China Toy & Juvenile Products Association. 40% of toy sales in this country are made through online stores.

From factory to market
China is gradually devoting more efforts to the services sector, and its growing middle class is increasingly devoting more budget to consumption, thanks to the gradual increase in salaries and the general improvement of working conditions.

These necessary improvements have also led to an increase in production costs, so many companies are considering the possibility of moving their production from China. In consequence, in the next years China could not be the world's factory anymore, only to become the world's biggest market.