The pandemic lockdown led to a surge in online shopping last year – a surge that was even greater than expected.
Online spending went up by more than $900 billion last year, according to data from Mastercard.
In fact, nearly 20% of all spending – $1 out of every $5 – was spent online.
Mastercard estimates that global online sales totaled $900B in 2020. @FrankCNBC discusses the latest report with Mastercard chief economist @bricklindwyer and whether the trend is expected to continue post-pandemic. https://t.co/MUsGhQRj6G pic.twitter.com/lhN1giuPGE
— CNBC (@CNBC) April 7, 2021
And don’t expect people to return to brick-and-mortar shopping once the pandemic ends – researchers predict that 80 percent of that online spending boom will be permanent.
How much more online shopping did you do last year vs. previous years?