19 May
The Covid-19 pandemic has forced retail and food outlets to remain closed to avoid the spread of the disease and comply with the lockdown measures.
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Consumers unable to make purchases in physical stores are increasingly opting for online services for a variety of products.
Gregory Daco, Chief US Economist at Oxford Economics, shared a chart on how the recession caused by the Covid-19 pandemic is shifting consumer spending towards online shopping, which increased by 15% to 25%.
Consumers are purchasing various products online including office supplies, consumer electronics, home furnishings, auto parts etc.
In the article, UBS Group notes that approximately 100,000 retail stores will close over the next five years as online shopping picks up.
Clothing, electronics and home furnishings stores are expected to be most affected by this trend.
