Hong Kong (CNN Business) China's economy may be slowing down, but the country is still set to eclipse the United States as the world's top retail market for the first time.

Retail sales in China will reach more than $5.6 trillion this year, about $100 billion more than in the United States, according to a report published Wednesday by research firm eMarketer.

"In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class," said Monica Peart, senior forecasting director at eMarketer. "The result has been a marked rise in purchasing power and average spending per person."

The firm's prediction highlights China's increasing importance as a market for global brands even as growth overall cools. The country is already the world's largest market for cars and smartphones.