China overtakes America to become the world's largest grocery market
"HAVE you eaten yet?" is one of the most common greetings used in China, indicating the importance of food in the country’s culture. Last year the Chinese spent a whopping 14% of GDP on groceries, so it is no big surprise that rapidly growing China became the world’s biggest grocery market, overtaking America in yet another category,according to IGD, a food and grocery research firm. The French live up to their gastronomic reputation as one of the highest spenders on food, forking out nearly $5,000 a year per person (not including eating out), which as a share of income (11% of GDP) is the highest for any developed country in our chart. Indians are the lowest spenders on this list, handing over less than $1 a day each on groceries. By 2015, IGD forecasts the BRICs (Brazil, Russia, India and China) will have pushed Japan out of the top five slots, leaving America as the only remaining rich country in the top five.
