If 2009 was about the downturn, 2010 was meant to be about the recovery. However, as Euromonitor International’s upcoming retailing data shows, not every market enjoyed a bounce back in sales.
Growth in sales for non-grocery retailing, where consumer confidence is so important, was very mixed globally: Latin America remained buoyed by economic self-belief, while consumers in Eastern and Western Europe were less positive about their future, choosing instead to limit their spending.
Non-grocery worst hit
The effects of the economic downturn continued to be felt globally, while grocery retailing maintained its growth, non-grocery retailers continued to suffer from low consumer confidence and a lack of spending growth.
Latin America prospers
High growth was enjoyed by a limited number of markets around the world. Those that did see a strong expansion in sales were concentrated in Latin America, underlining the importance of positie economic conditions to foster consumer confidence and sales.
Eastern Europe still suffering
The strong contraction in value sales in Croatia, Greece, Hungary and Latvia underlined how the effects of the Great Recession had yet to fully dissipate and leave consumers happy to spend on discretionary purchases. Retailers in these markets continued to suffer in 2010.