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COVID-19 will cause global retail spend to fall by US$ 549.7bn in 2020, says GlobalData

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With almost 3 million cases of coronavirus worldwide and numerous countries enforcing lockdowns, is anticipated to fall 3.0 percent in 2020, equating to US$ 549.7bn, in comparison to a previously expected rise of 5.0 percent prior to COVID-19 (+US$ 927.7bn), says , a leading data and analytics company.

, Lead Analyst at GlobalData, comments: “North America and Europe are set to experience the steepest drops in retail spend forecast to decrease 4.8 percent and 4.4 percent respectively. And while APAC is expected to only see a relatively minor decline of 1.3 percent which looks good relative to other regions, pre-COVID 19 we had forecast the region’s growth to be 7.2 percent.”

COVID-19 will cause global retail spend to fall by US$ 549.7bn in 2020, says GlobalData