‘Soft Recovery’ For PH Retail Industry in 2021

The Philippines Retailer’s Association (PRA) sees the retail sector to have a soft recovery in 2021 despite the COVID-19 pandemic.

Healthcare products, food, and home essential retailers will be the one to feel the said soft recovery in 2021 as they continue to experience massive surge in revenues as COVID-19 continue to mutate and infect more.

“We have to be realistic. There are some sectors that are really very bullish, very optimistic about 2021. But generally, it will remain soft for as long as the virus is there,” Ong said.

Meanwhile, electronics, gadgets and furniture will also benefit from the recovery as many companies are now observing the work from home work style for safety purposes.

“We expect 2021 to be a bounce-back year, but we need to recognize that the first half was a much higher base,” said Patrick Cua, Retail Intelligence Leader, NielsenIQ.

But experts are optimist that Filipinos can still invest or start a new business in 2021. Sari-sari stores and other small convenience stores in fact made lots of customers during these trying times.

Aside from those mentioned essential products, people are more likely to buy recreational products to keep them preoccupied. (MLC)