Global retail sales statistics in 2020 is the worst in 25 years
The world economy and businesses have been affected by the COVID-19 pandemic. The latest figures from retail watchdogs show that non-essential product sales suffered immensely.
Non-food retailers badly hit by COVID-19 lockdowns
Retailers all over the world have witnessed their worst sales results in about 25 years due to the decline in demand for fashion and household goods according to the latest figures.
Food sales show a growth of about 5.5% from 2020, non-food markets drop about 6%, the latest figures from the British Retail Consortium (BRC) states. What this implies is that a total decline of about 0.4% in 2020, a year that was negatively dominated by the COVID-19 pandemic.
This impact is the worst economic result seen since 1995 when results collation stated. Even during Christmas, there are little or no market positives with most high street markets shut down.
“ Physical outlets that don’t sell food and medical products in retail saw a huge decline of about 39% when compared with 2019,” according to Dickinson Heri, BRC CEO.
“ Yuletide season is usually one of the busiest months, however, last December witnessed low turnouts for retailers because many stores were closed” She stated.
Online shopping rises, as lockdown affects physical stores
There is a total increase in retail sales by about 1.9% as consumers bought more before Christmas. Like-for-like purchases during December show 4.9% as overall shopping remains affected by many restrictions and showdowns across the different locations.
As expected, online shopping for non-food goods shows a 44.9% surge in December, using the latest figures. New lockdown in major states will worsen sales. This collation was done by KPMG and state:
“ During December, there were some good signs because shoppers shifted from the travel and entertainment industry to expenditure”
He further warned that recent restrictions and lockdowns will harm many non-food stores and high streets