The coronavirus is the largest disruption to shopper retail spending patterns in latest historical past, far eclipsing the dramatic occasions of 2008’s Nice Recession. Consequently, 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. As a result of pandemic’s large 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 customers spend on ecommerce and at brick-and-mortar in 2020?
US customers will spend $709.78 billion on ecommerce in 2020, representing a rise of 18.0%. Brick-and-mortar retail spending, nonetheless, is anticipated to lower 14.0% to $4.184 trillion.
What impact will channel-shifting conduct have on ecommerce’s share of complete US retail gross sales in 2020?
We anticipate that ecommerce will attain 14.5% of complete retail gross sales in 2020, representing each an all-time excessive and the largest share improve in a single 12 months.
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 customers 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 sturdy No. 1.
WHAT’S IN THIS REPORT? This report explores US ecommerce spending, highlighting our latest forecasts and the way the coronavirus pandemic is affecting them.