Global e-commerce market to expand by $1 trillion by 2025 according to the latest survey by Euromonitor International. 74% of global retail and consumer brand professionals said they expect the crisis-led rise in online shopping to become permanent. E-commerce has been the fastest-growing channel over the last decade, with the crisis accelerating such shifts. Euromonitor International projects that half of the absolute value growth for the global retail sector over the 2020-2025 period will be digital.
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E-commerce retail sales helped to drive and stabilize retail activity in the USA in 2020, according to the new research from Moody’s Analytics. The online shopping market experienced a decade's worth of growth in just a few months. Ecommerce sales accounted for 14.3% of total retail sales by the end of the third quarter in 2020. At the end of the year, e-commerce sales remained at a record portion of total retail sales.
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Americans' spending statistics have been released. Almost 75% of apparel sales in February were made online! Apparel sales overall declined 5.3% during the month, but e-commerce spending didn’t miss a beat. Online clothing sales spiked 47% year over the year, according to data from Mastercard Economics Institute. February, the month of Valentine’s Day, also saw overall spending on jewelry rise almost 6% from the year prior. Meanwhile, online jewelry sales jumped 63%, the company said.
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As the UK prepares to reopen post-lockdown and the debate continues about whether or not a fashion spending boom will happen, eBay thinks it will. A report by eBay Ads UK on Thursday said “lockdown lifting is set to signal a surge in spending on going-out clothes and holiday wardrobes – amongst the young and old”. So it’s time for fashion brands to update their collections!
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