URBN - Wells Fargo survey finds some channel-shift in retail - and picks quickest bouncebacks

Wells Fargo has turned back to surveying, running its fourth poll of consumers to get a better handle on the shape of this year's recovery in the retail sector - particularly with the guidance that exists pointing to "uncertainty, conservatism, or both." It sought to understand shopping behaviors, expected post-pandemic spending levels, and how spend could be permanently shifting between channels, it says. On the last point, Wells Fargo says it's looking at about 500 basis points of permanent shift. It found the average respondent did 32% of apparel/footwear shopping online pre-pandemic, which surged to about 50% last year. But it sees that penetration settling in at 37%, a platform jump higher, once life returns to normal. "Applying this acceleration to Euromonitor data (reported 2019 and 2020 apparel/footwear industry online penetration of 25% and 38%, respectively) suggests that total apparel/footwear online sales will settle around ~30% in 2021," the bank

For further details see:

Wells Fargo survey finds some channel-shift in retail - and picks quickest bouncebacks