Coronavirus to wipe £1.7trn off global retail sales

Coronavirus grocery shopper

The coronavirus crisis will wipe $2.1trn (£1.7trn) off of global retail sales in 2020, new data has predicted.

Experts from research and advisory firm Forrester have warned it will take four years for retail sales to bounce back to pre-pandemic levels following this year’s anticipated 9.6% slump.

Europe’s largest economies are expected to be the worst hit by the health emergency.

Retail sales in the UK, France, Germany, Spain and Italy combined are forecast to slide €260bn (£225.9bn) this year. The decline would mark a 10.4% drop in sales on 2019 levels.

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