Online Sales Surge Amid Pandemic Shifts Consumer Behavior

  • 46% of consumers shifted to online shopping during Covid-19
  • Online sales accounted for 19% in 2019, 28% in 2020
  • 36% of consumers say spending habits changed permanently
  • One in ten expect to spend more this year than last
  • 35% believe it will take over a year for normality to return
  • Retailers must adapt to digital-first proposition

A new report by Retail Economics and Natwest reveals that almost half of consumers made online purchases they would have previously done in-store during the Covid-19 pandemic. Online sales in the retail sector saw five years of growth in just 12 months, accounting for 19% of retail spending in 2019 to 28% in 2020. The study also shows that consumer expectations and confidence have changed, with 36% stating their shopping habits are altered permanently. Retailers must adapt to a digital-first proposition to survive and thrive in the new normal.

Factuality Level: 8
Factuality Justification: The article provides accurate information based on a report by Retail Economics and Natwest about the impact of Covid-19 pandemic on consumer behavior and retail spending. It presents relevant data and quotes from experts in the field to support its claims.
Noise Level: 3
Noise Justification: The article provides relevant information about the shift towards online shopping during the pandemic and its impact on consumer behavior, but it could benefit from more analysis of long-term trends or possibilities, and a deeper exploration of how businesses can adapt to this change.
Financial Relevance: Yes
Financial Markets Impacted: The shift towards online shopping impacts retailers’ physical stores and their financial performance.
Financial Rating Justification: This article discusses the impact of the pandemic on consumer behavior, specifically the increase in online shopping, which has a direct effect on retail businesses and their financial performance. This can lead to changes in stock prices and overall market trends for companies in the retail sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, but it discusses the impact of Covid-19 pandemic on consumer behavior and retail industry.

Reported publicly: www.retailsector.co.uk