/C O R R E C T I O N -- Forrester/
In the news release,
Forrester: Retail Will See A
$2.1 Trillion Loss Globally In 2020 Due To The Coronavirus Pandemic
Offline non-grocery retail will contract by 20%, while eCommerce sales will remain flat
Key findings include:
- Non-grocery offline sales will see a 20% growth contraction in 2020.
- Retailers will continue to face growth constraints, with a lot of brick-and-mortar retailers predicting losses in 2020. Many will also assume that their growth in online sales will not be enough to offset the lost sales from store closures.
- In the US, retail sales will fall by $321 billion in 2020, a decline of 9.1% from 2019.
Canada, similar losses are expected, with total retail spending expected to decline by $25 billion in 2020, representing a 7.7% drop from 2019.
- Retail sales will lose €260 billion across EU-5 (the UK,
France, Germany, Spain, and Italy) in 2020, a decline of 10.4% from 2019.
- Due to COVID-19,
Forresterexpects a €56 billion loss in French retail sales in 2020 compared to Forrester'spre-COVID-19 predictions, representing a 9.5% drop from 2019. In Germany, total retail will fall by €60 billion in 2020, a decline of 10% from 2019. For the UK, Forresterexpects a £56 billion loss in UKretail sales in 2020, an estimated decline of 11.4% from 2019.
- In AP, the loss of sales is predicted to reach $767 billion in 2020, a decline of 10% from 2019.
Chinais the most negatively affected country in the region, with $192 billion of retail sales lost in January and February of 2020 compared to the same period in 2019.
- Retail sales will decline 6.8% for 2020 in LATAM.
"COVID-19 is significantly impacting the global retail landscape," said
Forrester'sCOVID-19 Insights Hub for the latest guidance for leaders to address the growing business and employee experience implications of the coronavirus pandemic.
- Check out Stephanie Balaouras' blog, Entering The New Normal: How To Safely Bring Your Workforce Back, to learn how retailers can start planning their pandemic recovery.
- Listen to
Forrester'sWhat It Means podcast episode on coronavirus's impact on retail and what the future may hold for the industry.
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