- The global retail industry accounts for 27percent of the worlds GDP. (NRF.COM)
- The retail industry generates about 19thrillion dollars in retail sales yearly .(NRF.COM).
- The retail industry also employs 17percent of global workforce which is about 800 million people worldwide.(nrf.com)
- In the United states, 1 in every 10 people work in the retail sector.(NRF.COM)
- Retail accounts for about 8 percent of the GDP of the U.S.A.(NRF.COM).
- Retail accounts for about 14percent of the Indian GDP. (google it)
- In 2011 retail revenue growth was only 3.4 percent in the E.U and 6.3 percent in the U.S, but 29 percent in Africa/middle east and 21.3 percent in latin America.( Delloitte.)
- About 2 percent of retail sales are done on mobile which is about 628billion dollars, but its expected to reach between 17- 21 percent by 2016 which is about 752 billion dollars.Deloitte
- In Canada retail accounts for the largest number of per time and casual work.(uniglobalunion.org)
- Africa’s middle class has tripled over the last 30 yrs, the current trajectory suggests that African middle class would grow to 1.1 billion people by 2060, making it the world’s fastest growing continent. (Delloitte).
- Africa’s GDP is expected to grow by 6 percent with increased purchasing power and consumer demand.(I.M.F)
- According to a oxford study the likelihood that retail employees would be replaced by technology over the next decade is approximately 92 percent.
- In 2013 the global e-commerce industry became a 1.2 thrillion dollar business growing at a staggering rate of 20 percent year on year. (www.retailprophet.com)
- Recently india has over 1million online retailers. (www.retailprophet.com)
- E- commerce will account for 11 percent of total retail sales up from 8 percent in 2013(unknown).
- Over 80 million Nigerians leave in metropolitan areas. (businessdayonline)
- Over the last 4 yrs the Ngerian retail industry has attracted over 1.3billion dollars in foreign direct investment within the formal retail space.(euromonitor international)
- Consumer spending is in excess of over 450 billion dollars annually.(mckinsey and co)
- The value of the Nigerian consumption market is expected to triple to about 1.4 thrillion dollars by 2030.(anonymous)
- By 2020 , the burgeoning Nigerian middle class is expected to have more than 25billion dollars in household spending available.(businessdayonline)
- The Nigerian urban population increased to 30 percent of the population in 2012 from 10 percent of the population in 1960. It is expected that a population like lagos would reach a staggering 20million by 2020. (bussinessdayonline.com)
- The value of Nigeria’s e-commerce industry is valued at 35billion dollars, and its expected to grow to about 200billion dollars over the next 5 yrs.(lawyersalert.wordpress.com)
- The Nigerian retail market is valued at 115billion dollars.(lawyersalert.wordpress.com)
- The Nigerian middle class accounts for 23 percent of our population.(African development bank).
- The value of the Nigerian electronic payment market in Nigeria is valued at 34thrillion naira(CBN).
Why should all these data matter?
The information above, helps both consumers, entrepreneurs , financial service institutions and policy makers to glance through the numerous opportunities in the retail sector, and use most of the informations above to make meaningful investment decisions, also to stimulate cerebral conversations that would further grow one of the emerging sectors of the Nigerian economy.
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