The global retail and consumer goods industry will be looking to Asia-Pacific to drive growth through to 2015 and the rise of online retailing will be the highest growth segment, according to findings revealed in PwC's 2012 Outlook for The Retail and Consumer Products Sector in Asia report, produced in cooperation with the Economist Intelligence Unit. 

Asia Pacific's retail and consumer industry is forecast to grow at an average of 6% from 2011 through 2015, remaining way above all other regions.  North America and Western Europe are expected to average growth of only 1% during the same forecast period. In value terms, retail sales in the Asia-Pacific region are expected to reach US$6.6 trillion this year and US$10.5 trillion in 2015. 

With the global economic outlook appearing uncertain, Asia's rate of expansion is expected to be somewhat subdued in the near term.  However, fundamental trends in Asia's market, most notably rising incomes and the rise of the middle class, will ensure that the industry expands at a healthy pace over the medium-to longer-term in Asia.

"Over the past decade we have witnessed a fundamental shift in spending patterns in Asia Pacific, and this shift is shaping the development of the industry worldwide," says Carrie Yu, PwC's Retail and Consumer Leader for China and Asia Pacific.  "Industry players are well aware that their growth targets can only be reached in Asia Pacific, and are therefore adjusting their investment strategies accordingly to reflect the growth of the market in this part of the world."

The highest growth segment is expected to come from online retailing which has taken off at a lightning speed, thanks to the rise in social media and improvements in telecommunications infrastructure and payment and security systems.