From 2013 to 2019, the Value Added by Wholesale, Retail Trade, Restaurants, and Hotels in China demonstrated consistent growth, albeit at a decelerating rate. This trend was interrupted in 2020 due to the impact of the COVID-19 pandemic, which caused a substantial decline. However, the industry rebounded strongly in 2021, followed by moderate but consistent growth through to 2023. In 2023, the value stood at USD 1.7165 trillion, with a year-on-year increase of 3.49% and a 5-year CAGR of 3.93%.
Looking ahead to the forecast from 2024 to 2028, the industry is expected to maintain steady growth, albeit at a reduced CAGR of 2.55%, translating to an overall increase of 13.4% by 2028. Here are some future trends to watch for:
- Continued digital transformation and e-commerce growth, influencing retail and wholesale sectors.
- Recovery and potential expansion in the hospitality industry as global travel rebounds post-pandemic.
- Increasing consumer spending driven by China's expanding middle class.
- Impact of government policies aimed at boosting domestic consumption.