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

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.