• CNBC has a story about a new report from the Mastercard Economics Institute saying that "consumers across the globe spent $900 billion more at online retailers in 2020 compared with the prior two-year trend," and that while "shoppers are heading back to restaurants and returning to stores to buy clothes and shoes in person," the expectation is that "they will continue to stock their fridges and hunt for good deals online — a sticky habit developed during the Covid pandemic."
Mastercard’s chief economist, Bricklin Dwyer, tells CNBC that "about 20% to 30% of the $900 billion in additional digital spending will continue into 2021 and the next few years.
However, the long-term e-commerce gains will be uneven and will depend on what a retailer sells … Grocery and discount stores will see the most dramatic and lasting shift to e-commerce, according to the report.
"Discount stores include dollar stores, wholesale clubs and other retailers that sell to customers at near-wholesale prices. Grocers will likely retain about 70% to 80% of the digital sales gains they saw during the peak of the pandemic and discount stores will hold onto about 40% to 50% of them, the report said.
"For both sectors, online sales made up only a single-digit share of overall sales before the pandemic — creating an opportunity for more noticeable growth."
