Forrester sees FY28 Europe-5 sales EUR 2.7T

Forrester forecasted that total retail sales of Europe-5 countries (France, Germany, Italy, Spain, and the UK) will increase from EUR 2.3T in 2023 to reach EUR 2.7T in 2028 at a 2.9% compound annual growth rate (CAGR).The company said, “Forrester’s recently released report, Europe-5 Online Retail Forecast, 2023 To 2028, estimates total retail sales, online retail sales, and online retail penetration across 22 product categories, including fashion, homeware, food and drink, consumer electronics, and media, for each of the Europe-5 economies. Germany holds the largest share of the retail market among these five countries, followed (in order) by the UK and France. In 2022, offline retail growth outpaced online retail growth for the first time as more consumers shopped in stores, and this momentum continued into 2023, but the fundamental growth drivers of online retail such as greater product selection, round-the-clock availability, and competitive pricing remain strong. As a result, Forrester expects online retail sales growth to rebound to pre-pandemic levels in 2024 and beyond. Overall, combined online retail sales in Europe-5 countries will increase from EUR 372 billion in 2023 to EUR 579 billion in 2028 at a five-year CAGR of 9.2%. Online sales will represent 22% of total retail sales in these five markets, compared to 16% in 2023.”