Forecast Report

Retail Will See A $2.1 Trillion Loss Globally In 2020 Due To The COVID-19 Pandemic

May 6th, 2020

Summary

Due to COVID-19, global retail sales in 2020 will decline by an average of 9.6% globally — a loss of $2.1 trillion; Forrester predicts that it will take four years for retailers to overtake pre-pandemic levels. According to Forrester’s updated retail forecasts for North America, Asia, Europe, and Latin America, the impact of COVID-19 on retail sales will vary worldwide, given regional differences and the fact that each country is at a different stage of the pandemic. Nongrocery offline sales will see a 20% growth contraction in 2020, and sales could decline by as much as $2.6 trillion globally, but sales of essential items will grow in the UK and US.

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Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.