Total Retail Sales Worldwide (2021–2027)
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.
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.
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.
In the forecast period from 2021 to 2027, global retail sales are expected to increase by $8.5 trillion. This represents an overall increase of 32.4% and an average annual growth rate of 4.8%.