Retail in Spain: Coronavirus (COVID-19) Country impact

Summary

The Coronavirus (COVID-19) country report analyses how the pandemic will impact retail spend in Spain.

Spain is estimated to lose €24.1 billion from its 2020 forecast, causing a 7.8% fall on 2019, due to the lockdown imposed on the country on 14 March 2020 and the resultant economic slowdown because of the pandemic.

As seen with other countries under lockdown measures, the consumer spending pattern has shifted from bars, pubs, cafes and restaurant to groceries, health and essential products.

Scope

• Spain tops the list of worst-affected countries for the number of coronavirus cases in Europe and second in the world after the US.
• Spain’s tourism industry contributes close to 15% of the country’s GDP and is among the hardest hit sectors due to COVID-19. The tourism industry will not recover completely until 2021, causing an impact on overall retail in major Spanish tourism hubs as well as the duty free channel
• Players heavily exposed to the market such as Inditex, El Cortes Ingles, Primark and H&M will be considering permanent store closures or negotiating store leases to protect long term profitability in Spain.

Reasons to Buy

• Use our revised market forecasts out to 2024 to understand how the Spanish retail market will perform.
• Use our in-depth analysis to review how key retailers have responded to COVID-19.
• Use our data on key consumer shopping and lifestyle habits to see how the population have responded to the impact of COVID-19.