Forrester: Retail Will See A $2.1 Trillion Loss Globally In 2020 Due To Coronavirus Pandemic

Forrester: Retail Will See A $2.1 Trillion Loss Globally In 2020 Due To Coronavirus Pandemic

Offline non-grocery retail will contract by 20 percent while eCommerce sales will remain flat

PR Newswire

CAMBRIDGE, Mass., April 30, 2020

CAMBRIDGE, Mass., April 30, 2020 /PRNewswire/ -- Forrester today predicts that due to Coronavirus, global retail sales in 2020 will decline by an average of 9.6 percent globally, a loss of $2.1 trillion. Forrester also predicts that it will take four years for retailers to overtake pre-pandemic levels. 

According to Forrester's updated retail forecasts across North America, Asia, Europe, and Latin America, the impact of Coronavirus on retail sales will vary worldwide given the regional differences and considering that each country is at a different stage of the pandemic.

Key findings include:

Global

North America

Europe

APAC

LATAM

"COVID-19 is significantly impacting the global retail landscape," said Michael O'Grady, principal forecast analyst at Forrester. "Retail categories like grocery and essential consumables are performing well, while other categories like fashion, beauty and cosmetics are seeing a marked decline in consumer spend. In 2020, there will be a significant decline in global retail sales, particularly with non-essential items sold offline, which will be a big challenge for brick and mortar retailers. Online sales, however, will be more resilient. To navigate the crisis, retailers need to manage their costs and drive their eCommerce sales and services as much as possible."


Resources:

About Forrester
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. Forrester's unique insights are grounded in annual surveys of more than 690,000 consumers and business leaders worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative clients. Through proprietary research, data and analytics, custom consulting, exclusive peer groups, certifications, and events, we are revolutionizing how businesses grow in the age of the customer; learn more at forrester.com.

Media Contact:
Hannah Segvich
Public Relations
Forrester Research, Inc.
+44 20 7323 7602
hsegvich@forrester.com

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