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

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

Note: The map above shows 2020 retail spend for key regions versus 2019 built up from the 49 countries covered, based on GlobalData forecasts.