Finance & Economics

Global retail spend drops by nearly 550B this year

The report shows how nearly 3 million cases of coronavirus worldwide and numerous lockdowns impact retail spend

retail spend

Global retail spend drops by nearly 550B this year. Source: pixabay.com

According to GlobalData, retail spend is expected to drop 3.0% in 2020 to $549.7 billion, compared to a pre-COVID-19 forecast of 5.0% with $927.7 billion.

North America and Europe are set to experience the steepest drops in retail spend forecast to decrease by 4.8% and 4.4% respectively. And while APAC is expected to only see a relatively minor decline of 1.3% which looks good relative to other regions, pre-COVID 19 we had forecast the region’s growth to be 7.2%
Sofie Willmott, Lead Analyst at GlobalData

The map below shows 2020 retail spend for key regions versus 2019 built up from the 49 countries covered, based on GlobalData forecasts.

We’ve reported that 2% of British consumers would rather buy online, compared to 32% of those who prefer in-store shopping.

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