Business closure rate in North America declined to 13% in the third wave of COVID-19

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 18, 2020, 1:13 AM UTC

63% of businesses, as compared to same 30-day period in 2019, saw digital sales less than 25% of overall sales, as per a Facebook report.

Business closure rates in Europe and North America were 21% and 24% respectively in the first wave of the pandemic. However, closure rates gradually declined to 9% (Europe) and 13% (North America) by the third wave.

The hospitality industry reported the highest closure rates in the first wave (32%), but recovered in the third wave with only 15% closures. 48% consumers reported increased online spending since COVID-19.

Information and communication industry saw closure rates drop to 13% in the second wave, to climb back up to 17% in the third. The hospitality industry reported the highest decrease in sales (69%), as compared to like period in 2019 in wave three.

Read the original article

[2 minute read]