Forbes recently declared that the United Kingdom is “officially in recession.”
Of course, the nation is in this position as a consequence of the coronavirus. The UK's Office of National Statistics (ONS) states, “Around 650,000 UK workers have lost their job during the pandemic.” Of those workers, “at least 24,348” were in the retail sector, according to The Centre of Retail Research. For comparison, the UK has a greater slump in GDP than Germany, France, or Japan.
Yet, when comparing revenue from online retail among those same nations, it’s a different story.
Looking at the latest CCINSIGHT data, as of August 11, UK online retail revenue is still up 107% year-over-year — a significantly greater figure than Germany, France, or Japan.
Although the UK may be in recession, it’s clear that the nation's consumers still have an appetite for retail. However, their preferred channels for shopping have changed.
Expect online retail growth in the UK to remain strong as the nation continues its economic recovery.