CAMBRIDGE, Mass., April 30, 2020
In the news release, Forrester: Retail Will See A $2.1 Trillion Loss Globally In 2020 Due To Coronavirus Pandemic, issued 30-Apr-2020 by Forrester over PR Newswire, we are advised by the company that the original version had incorrect information. The complete, corrected release follows:
Offline non-grocery retail will contract by 20%, while eCommerce sales will remain flat
CAMBRIDGE, Massachusetts, April 30, 2020 /PRNewswire/ -- Forrester today predicts that due to the 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 the 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:
"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."
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