China's retail sales will grow 20% to ¥15 trillion ($1 = ¥6.8) and auto sales will rise 20% to 15 million units this year, a Chinese Academy of Social Science report said Thursday.
Online shopping bills will gross ¥500 billion, or 3% of total retail sales.
The report also noted that the nation's appetite for luxury goods is expected to reach $14.6 billion within five years, overtaking Japan as the world's number one. China replaced the United States last year as the second largest after spending $9.4 billion on luxury goods. That represented 27.5% of the consumption across the globe.
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