Retail Trends During COVID-19
Store closures in response to COVID-19 are a large driver for overall retail industry demand being down roughly 57%, according to data from Amperity.
The pandemic is redefining large swaths of the U.S. retail landscape. Brands face a crisis of survival and relevancy that will likely have long-term repercussions for the retail industry.
In response to the crisis, Amperity launched an interactive microsite tracking consumer behavior across categories and channels from 100 North American retail brands.
Numbers already are shifting from the company’s previous figures, but the overall momentum is downward especially when looking at year-over-year data.
Store Closure-Driven Retail Losses
Large-scale store closures drove a nearly 90% loss in year-over-year store revenue. E-commerce revenue was down only 29% compared to last year.
Losses Distributed Unevenly
As seen in the graph at the top, food and beverage has grown by 61%, followed by heath and beauty at 46%.
The fashion/apparel and home/jewelry/leisure categories posted losses of 56% and 79%, respectively.
Social and Email Bright Spots for Marketers
Consumers crave interpersonal connection from their favorite brands and are following them through social, email and mobile communications.
Social is showing 26% year-over-year revenue growth while email is showing 2.6% growth. Mobile demand is down only 5% year-over-year.
Younger Consumers Most Affected
Demand losses are disproportionately clustered amongst younger consumers, with younger men showing the steepest demand declines (75% decline versus 62% for females).