According to the latest study by Nielsen, the global measurement and data analytics company, the onset of COVID-19 in 2020 has brought profound impact to the global retail industry and resulted in significant changes to the consumer market landscape. This is largely due to a shift in shopping concepts and behaviors. China is currently leading the pace in terms of the consumer market recovery and this can be attributed to the successful control of the virus in the country. While online consumption surged during the outbreak, offline channels are starting to rebound in full momentum.
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The global retail industry is facing a challenging time, as COVID-19 continues to spread across the world, with an increasing number of confirmed cases in many countries and regions. As the pandemic continues to unfold, the international consumption market is showing a similar trend as observed in China earlier this year: online channels are demonstrating strong growth while retailers are accelerating the adoption of digitalization.
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Justin Sargent, president of Nielsen China, said: “The pandemic has forced many people to stay at home instead of going out, and this has resulted in a significant change in the retail landscape. The way people shop is no longer the same and some of these changes may be permanent. We are also witnessing this shift globally and this means that retailers and brand owners need to rethink where, when and how people shop, and adapt their strategy to meet the consumers’ new needs.”
The COVID-19 situation in China has been largely under control, as enterprises resumed full business operation while people’s life generally returned to normal. The consumption market has also shown a steady recovery momentum. According to the National Bureau of Statistics, total retail sales of social consumer goods in the third quarter grew 0.9% year-on-year, and this is the first positive quarterly growth recorded this year. Additionally, China will be the only major economy in the world reporting a positive growth this year, according to a forecast from the IMF.
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