Retail in Australia showed notable resilience in 2025, delivering a 5% increase in sales to AUD394,758 million, benefiting from improved consumer confidence and easing inflation. The environment is attractive for players able to adapt, as the landscape rewards operational efficiency, digital innovation, and sharp value propositions amidst ongoing cost pressures and evolving shopper expectations. Success hinges on investing in omnichannel strategies, expanding private label portfolios that comb

Retail in Saudi Arabia is demonstrating resilience and dynamism, with value sales expanding to SAR436.12 billion in 2025, up 5% year-on-year, underpinned by robust non-oil economic activity and increasing urbanisation. The environment is marked by intensifying competition and innovation, as both established and digital-first operators seek to capture rising demand for convenience, value, and omnichannel experiences. This landscape remains attractive due to ongoing government investment, a buoyan

In 2025, retail in Slovakia operated in a subdued environment, with current value growth of 2% indicating a marked slowdown from the previous year. This was driven by fiscal tightening, higher VAT, and persistent inflation, all of which continued to pressure household budgets. The competitive landscape remained highly fragmented, with no operator exceeding a 10% value share, while companies responded to margin pressures through outlet rationalisation, targeted private label innovation, and selec

Retail in Italy demonstrated modest current value growth of 3% in 2025 to reach EUR349.9 billion. However, expansion lagged behind broader Western European patterns as constrained household budgets and low GDP growth limited discretionary spending. The environment is highly competitive and fragmented, with no dominant player and ongoing shifts in consumer loyalty towards value-focused formats such as discounters, which posted a 7% increase in sales in current terms, and retail e-commerce, which

Retail in South Korea demonstrated resilience in 2025, with current value growth of 4% to reach sales of KRW460,141 billion despite subdued real GDP growth of 0.9% and inflation of 2%. Retail e-commerce led this expansion, recording KRW238,870 billion in sales and annual growth of 9% in current terms, as digital convenience and value-driven purchasing reshaped the competitive landscape. The environment remains highly attractive for brands able to capitalise on omnichannel integration, technology

Retail in India is experiencing robust expansion, with retail value increasing by 10% in current terms in 2025, reaching INR 76.16 trillion. This performance reflects sustained consumer spending power and a favourable macroeconomic backdrop, supported by 7% real GDP growth and inflation at 2%.

In 2025, retail in the Czech Republic showed strong resilience, with value sales increasing by 4% to CZK1,213 billion. This growth outpaced many neighbouring countries, where slower economic recovery and persistent inflation pose challenges. The positive environment was driven by rapid gains in consumer confidence, a significant shift in purchasing power due to rising real wages, and the dominance of formal, modern retail channels—especially e-commerce and discount stores—while informal retail r

Retail in Turkey in 2025 posted an exceptional surge in value, registering a 47% year-on-year increase in total sales to TRY8,854.2 billion, outpacing both regional and global benchmarks and highlighting its appeal despite persistent inflation of 35%. The landscape is being shaped by pronounced consumer price sensitivity, with discounters driving growth through expansive private label offerings and rapid logistics, while retail e-commerce has emerged as the fastest-rising channel, fuelled by dig

Retail in Thailand witnessed moderate value growth in 2025, as sales increased by 3% to THB4,620 billion. Performance lagged behind other retail markets in the Asia-Pacific region, due to weaker domestic demand and the slower recovery of inbound tourism in Thailand. Despite subdued GDP growth of 2% and softening consumer confidence, retail remains attractive for operators able to capitalise on high levels of consumer expenditure and the rapid adoption of digital-first, fulfilment-led models. Le

Retail in Vietnam demonstrated notable resilience and growth in 2025, outpacing much of the region with value sales reaching VND3,141 trillion and a 6% annual increase, buoyed by real GDP growth of 7% and stable inflation at 3%. This dynamic landscape is marked by intensifying rivalry from both domestic and international entrants, rapid adoption of digital commerce, and evolving regulatory requirements, all contributing to a highly competitive yet attractive environment for investment and expans

Retail in South Africa in 2025 demonstrated resilience and outpaced many global markets, recording current value sales of ZAR1.41 trillion and year-on-year growth of 6%, despite subdued regional growth and ongoing economic pressures. Although real GDP growth remained muted at 1% and consumer confidence was low, easing inflation to 3% and a rising share of consumer spending in GDP to 65% highlighted both ongoing economic strain and a robust appetite for value-led offerings. The market remains at

Retail in Malaysia in 2025 is shaped by heightened cost sensitivity and a strong pivot towards affordability, leading to robust growth in value-driven formats and innovations in both physical and digital shopping experiences. Despite a slowdown in current value growth to 2% and a total value of MYR292,619 million, the landscape remains attractive for businesses able to deliver strong value propositions, leverage technology, and differentiate through experiential engagement. Competitive pricing,

Retail in Spain in 2025 demonstrated steady, if uneven, momentum, with slower growth in retail current value sales, compared to 2024. Nonetheless, growth remained on an upward trajectory, reflecting a stabilising economic backdrop. The market remains highly attractive due to robust consumer expenditure, which reached a 58% share of GDP, and a dynamic mix of channels where supermarkets and discounters show particular resilience and agility. Leaders in retail are succeeding by investing in digital

Easing inflation, strong labour markets, consumer fatigue with frugality, the strength of the Asia Pacific consumer base, and the continuing ascendance of e-commerce all helped to power growth in the global retail sector in 2025, with sales posting their biggest gains since 2021. However, as retail consolidation accelerates, generative AI disrupts the industry, and economic and political storm clouds loom on the horizon, retailers must adapt in order to survive in a rapidly evolving landscape.

In 2025, the retail industry experienced modest 2% growth. Driven by cost pressures, trade disruption and changing demand, retailers are shifting from growth-led models to resilience and profitability. Five strategic imperatives define this shift. Retailers are rebuilding value architecture, restructuring supply chains and strengthening financial resilience. Retailers look to redesign demand creation, adapting to new discovery pathways in AI-driven environments.

Retail in France was experiencing subdued momentum in 2025, with value growth trailing regional averages as economic and political pressures continued to constrain consumer confidence and discretionary spending. While the environment is challenging, marked by a rise in savings priorities across all social classes and muted GDP growth, the industry is simultaneously witnessing a transformation driven by consumer demand for affordability, flexibility and innovation. Affordability is a dominant for

Retail in Brazil is demonstrating strong momentum, with current value growth of 7% in 2025, outpacing real GDP growth of 2% and highlighting the industry's resilience despite persistent inflation of 5%. The attractiveness of the market is reinforced by robust consumer expenditure, with household spending accounting for 62% of GDP, alongside rapid digital transformation that is reshaping competitive dynamics.

Retail stood out for its resilience and ongoing growth in China in 2025.?The market delivered 5% current value growth, with sales reaching CNY27,837.8 billion, outperforming many peers in Asia Pacific despite cautious consumer sentiment and a negative confidence index. The environment is attractive for brands that can adapt to the dynamic interplay of digital and physical retail, as strong momentum in retail e-commerce, innovative instant delivery models, and the structural elevation of private

Retail in Mexico demonstrated resilience in 2025, achieving current value growth of 8% to reach MXN6,471.3 billion, outpacing both regional and global peers despite a subdued economic environment marked by 0.6% real GDP growth and inflation at 4%. The attractiveness of retail remains high due to its substantial contribution to national expenditure, with consumer spending accounting for 72% of GDP. Meanwhile, continued investment in digital transformation, omnichannel strategies, and value-led of

Retail in the Philippines demonstrated strong momentum in 2025, reaching PHP 6.93 trillion and recording a 6% year-on-year growth, positioning it as one of the most attractive retail markets in Southeast Asia. This performance is underpinned by resilient economic fundamentals and evolving consumer preferences, which continue to support sustained expansion. At the same time, the competitive landscape is becoming increasingly dynamic, as discounters and digital-first operators drive notable shift

Retail in the US in 2025 demonstrated resilience despite muted value growth of 2%, as persistent inflation and slowing GDP growth weighed on consumer sentiment. While this performance lagged behind the robust expansion observed in other high-growth economies, the US retail environment remained attractive due to its scale, diversity of channels, and rapid innovation in digital commerce. Success in this competitive landscape now hinges on the ability to adapt to accelerating shifts in purchasing b

This report examines how consumers engage with loyalty programmes in a context shaped by disruptive technologies, changing priorities, and shifting expectations. It analyses what drives participation, how value is perceived and where current programmes fall short across key dimensions of loyalty. The findings highlight where businesses need to refine mechanics, improve relevance of rewards and adapt loyalty strategies to evolving behaviours to sustain meaningful engagement and retention.

The 2026 Iran conflict marks the fourth major economic disruption to global consumer markets in under two decades. While each crisis originated differently, their impacts on consumer markets and behaviour reveal distinct patterns that are vital for mitigation planning. 

Technological advancements will continue to reshape consumer behaviour in 2026. Now in its 10th year, this annual report explores the top shopper trends that will redefine commerce in the year ahead. The trends included in this year’s edition highlight the growing ubiquity of generative AI, the increasing popularity of brand-produced digital entertainment content, the convergence of buy now, pay later (BNPL) and loyalty programmes, and the rise of the personalised digital health solutions market