Asia Pacific as a New Innovation Hub
2020 was an unprecedented year as the COVID-19 pandemic wreaked havoc across some retail categories in Asia Pacific while benefiting others. Although Asia Pacific’s overall retailing industry registered a 4% sales decline in 2020, the region continues to drive the industry forward, thanks to tech giants, such as Alibaba and JD.com. Second to Latin America, Asia Pacific is predicted to see the highest value sales CAGR for retailing during 2020–2025, with digitalisation, connectivity and demographics being key growth drivers in the region’s evolution as an innovation hub post-pandemic.
The article is property of Euromonitor International, a market research provider, and can be read in full here.
