Consumers spend $900bn more online in 2020 - Mastercard
By Caoimhe Toman
Date: Tuesday 06 Apr 2021
(Sharecast News) - The Mastercard Economics Institute revealed in a report on Tuesday that shoppers globally increased their online spending by $900bn in 2020.
It also predicted that the significant rise in sales seen in most sectors over the prior two years was set to stick as consumers turned to online commerce during the pandemic.
Although the lifting of Covid-19 lockdown restrictions might see some shoppers return to physical stores, the shift in habits towards e-commerce was expected to mark a watershed for the sector.
In 2020, e-commerce sales took $1 for every $5 spent on retail globally, a significant rise compared to the $1 out of $7 spent in 2019.
Mastercard estimated that 20% or 30% of the $900bn increase in sales would continue into 2021 and years to come.
Grocers were expected to retain 70% of the sales acquired during the pandemic, followed by discount stores at between 40% to 50%.
Fashion stores on the other hand, which had experienced a dramatic spike at the start of the pandemic, were only expected to keep between 10-20% of their increase in online sales.
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