/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
According to
Key findings include:
Global
- 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.
- In
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, andItaly ) in 2020, a decline of 10.4% from 2019. - Due to COVID-19,
Forrester expects a €56 billion loss in French retail sales in 2020 compared toForrester's pre-COVID-19 predictions, representing a 9.5% drop from 2019. InGermany , total retail will fall by €60 billion in 2020, a decline of 10% from 2019. For theUK ,Forrester expects a £56 billion loss inUK retail sales in 2020, an estimated decline of 11.4% from 2019.
AP
- In AP, the loss of sales is predicted to reach $767 billion in 2020, a decline of 10% from 2019.
China is 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.
LATAM
- Retail sales will decline 6.8% for 2020 in LATAM.
"COVID-19 is significantly impacting the global retail landscape," said
Resources:
- Visit
Forrester's COVID-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's What It Means podcast episode on coronavirus's impact on retail and what the future may hold for the industry.
About
Forrester is one of the most influential research and advisory firms in the world. We work with business and technology leaders to drive customer-obsessed vision, strategy, and execution that accelerate growth.
Media Contact:
Public Relations
+44 20 7323 7602
hsegvich@forrester.com
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