COVID-19’s Second Wave Pushes Retail’s “Return to Normal” Projection Back To 2021
The reality of the pandemic’s “second wave” has thrown everyday Americans, economists and business owners alike for a loop.
Figures that were once projected and planned for seem to no longer make sense.
The COVID-19’s expected second wave pushes retail’s “return to normal” projection back to 2021, experts say.
Take in-store foot traffic trends, for example. Back in June, the data experts from Zenreach, the walk-through marketing company, utilized a 100% data-driven model with a forecasted percentage of normalization to determine when our nation’s businesses (retail, restaurants and bars, spas, event venues, etc.) would see normal traffic patterns again. The projected date was then September 9, 2020.
Now, because traffic has significantly declined in recent weeks, we’re seeing a reverse effect on the return to normal, with no intersection in 2020 at all.
As of July 31, the forecast was only projected to reach 55% of normal by the end of the year. Take a look at the graphs below.
June 2020 Forecasted Return to Normal
August 2020 Forecasted Return to Normal
Similarly, no projection was able to be computed for states like Texas, Florida and Georgia, where Coronavirus cases have spiked, while others like New York, Illinois, and Washington, who have taken a more cautious approach to the virus, may reach closer to normal levels by December.
Keep an eye out for Zenreach’s updates on the Covid-19 pandemic.