The coronavirus is the most important disruption to client retail spending patterns in current historical past, far eclipsing the dramatic occasions of 2008’s Nice Recession. Because of this, our earlier forecasts of retail and ecommerce spending progress have undergone substantial revisions.
How will the coronavirus pandemic have an effect on our complete US retail spending forecast?
Our February 2020 forecast anticipated modest progress of two.8% to $5.621 trillion in US complete retail gross sales. Because of the pandemic’s huge demand shock, retailer closures and stay-at-home orders, we now forecast that complete US retail spending will decline 10.5% to $4.894 trillion.
How a lot will US shoppers spend on ecommerce and at brick-and-mortar in 2020?
US shoppers will spend $709.78 billion on ecommerce in 2020, representing a rise of 18.0%. Brick-and-mortar retail spending, nonetheless, is predicted to lower 14.0% to $4.184 trillion.
What impact will channel-shifting habits have on ecommerce’s share of complete US retail gross sales in 2020?
We count on that ecommerce will attain 14.5% of complete retail gross sales in 2020, representing each an all-time excessive and the most important share improve in a single yr.
Which product classes are seeing the quickest ecommerce progress?
Each meals and beverage and well being, private care and sweetness have been the fastest-growing ecommerce classes previous to the pandemic. We’ve raised our forecast for meals and beverage gross sales from 23.4% to 58.5% and well being, private care and sweetness gross sales from 16.6% to 32.4%.
How will the highest 10 ecommerce retailers fare amid the pandemic?
The vast majority of the highest 10 will improve their market share from 58.2% to 60.1% as shoppers shift towards important items retailers that present dependable supply and click-and-collect achievement. Amazon will develop its share by 1 share level to 38.0% to stay the robust No. 1.
WHAT’S IN THIS REPORT? This report explores US ecommerce spending, highlighting our current forecasts and the way the coronavirus pandemic is affecting them.