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