After our February 2020 forecast projected modest growth of 2.8% to $5.621 trillion in total US retail sales, the coronavirus pandemic then took the US economy by storm, causing store closures, stay-at-home orders and declined demand for nonessential goods.
As a result, we now expect there to be a 10.5% decline in total US retail sales this year, with a 14.0% drop in brick-and-mortar sales.
The news isn't dire for all retail channels. Ecommerce is poised to grow 18.0% following a 14.9% gain in 2019, further evidence of the digital shift.
As market volatility and an uncertain end to the pandemic make it harder to predict the long-term growth of retail sales, how can marketers prepare for disruptions to shopping patterns as brick-and-mortar spaces reopen and consumers readopt aspects of their pre-pandemic lifestyle?
In the US Ecommerce 2020 report, we explore new predictions that reflect the impact of the public health crisis and consider which trends are here to stay.
Here are some key takeaways from the report:
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