Chain Store Age
The U.S. retail sector could take years to recover from the impact of COVID-19, and the hit could be worse than that of the Great Recession.
That’s according to eMarketer’s latest forecast on U.S. retail sales (including auto and fuel), which predicted that total retail sales will drop 10.5% to $4.894 trillion this year, a level not seen since 2016 and is steeper than the 8.2% drop in 2009.
E-commerce is the only bright spot, jumping 18.0% to reach $709.78 billion this year, representing 14.5% of total U.S. retail sales in 2020, according to the report. The top-growing e-commerce categories will be food and beverage at 58.5% and health/personal care/beauty at 32.4%, as Americans turn to online ordering for household essentials. . . . more