Forrester: Retail Will See A $2.1 Trillion Loss Globally In 2020 Due To Coronavirus Pandemic
Key findings include:
- Non-grocery offline sales will see a 20 percent growth contraction in 2020, and sales could decline by as much as
- Retailers will continue to face growth constraints with many brick and mortar retailers predicting losses in 2020 and assuming that their growth in online sales will not be enough to offset the lost sales from store closures.
- In the
U.S., retail sales will fall by $320 billionin 2020, a decline of 9.1 percent from 2019.
Canada, similar losses are expected, with total retail spending expected to decline by $24.0 billionin 2020, representing a 7.7 percent drop from 2019.
- Retail sales will lose €260 billion across the EU-5 (
UK, France, Germany, Spainand Italy) in 2020, a decline of 10.4 percent from 2019.
- In the
UK, total retail will fall by £57 billion in 2020, a decline of 11.4 percent from 2019. In France, total retail will fall by €56 billion in 2020, a decline of 9.5 percent from 2019. In Germany, total retail will fall by €60 billion in 2020, a decline of 10 percent from 2019.
- In APAC, the loss of sales is predicted to reach
$658 billionin 2020, a decline of 14.7 percent from 2019. Chinais the worst effected country in the region with $192 billionof retail sales lost in Q1 Jan- Feb 2020compared to the same period in 2019.
- Retail sales will decline 6.8 percent 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
Forrester'sreport "Returning To Work: How To Prepare For Pandemic Recovery" to learn how retailers can start planning their pandemic recovery
- Check out the
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