Southeast Asia Ecommerce Forecast Update 2022

Despite Global Turbulence, Retail Sales Poised to Surpass Pre-Pandemic Level

Executive Summary

Positivity abounds in Southeast Asia’s retail sector. Total retail sales will grow even faster in 2022 than they did the previous year—defying the global deceleration trend—and speed past their pre-pandemic figure. We expect high single-digit growth rates for five of the six Southeast Asian countries we track; all six will hit double-digit growth rates in retail ecommerce sales.


  1. How fast will total retail, retail ecommerce, and retail mcommerce sales grow in Southeast Asia this year and beyond?
  2. How do the six countries stack up against each other? And what makes Singapore’s ecommerce sector a Cinderella story?
  3. How are Bukalapak and Shopee, two leading regional ecommerce platforms, faring in Indonesia, Southeast Asia’s biggest online shopping market?

WHAT’S IN THIS REPORT? Our latest forecast for total retail, retail ecommerce, and retail mcommerce sales in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Plus, Shopee’s and Bukalapak’s retail ecommerce sales in Indonesia.

KEY STAT: In 2022, total retail sales in Southeast Asia will grow faster than they did last year, while retail ecommerce sales will continue to rise at a remarkable pace.

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Macroeconomic Trends Affecting Retail Sales in 2022
  4. A New Normal Emerges in Retail
  5. Ecommerce Sales Are Steadily Growing as a Share of Total Retail
  1. The Region Rises, but Market-Level Variances Remain
  2. Retail Ecommerce Hits Its Stride in Singapore
  3. Indonesia and the Tale of Two Regional Ecommerce Giants
  4. Finding Southeast Asia’s Place in the World of Ecommerce
  5. What Does This Forecast Mean for Brands and Retailers in Southeast Asia?
  1. Read Next
  2. Listen Next
  3. Sources
  4. Media Gallery

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Man-Chung Cheung


Ethan Cramer-Flood
Senior Forecasting Writer
Andrew Spink
Forecasting Analyst

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