Card and online shopping to accelerate as Belgium slowly opens hospitality sector

Wednesday 22 July 2020 12:44 CET | News

GlobalData has revealed that in Belgium the mcommerce sector might benefit the most from the pandemic, as well as bars and restaurants reopening.

According to the press release, COVID-19 has significantly affected Belgium’s economy, but the HoReCa sector slowly opening should give it and the payments industry a boost.

Moreover, GlobalData forecasts a compound annual growth rate (CAGR) of 19.4% in transaction value up to 2023 and a growth of 26.3% in 2020, as consumers look for contactless payment methods. Strong growth was already anticipated before the pandemic (22.1% in 2020), but this has further accelerated that.

Overall, the total drop in consumer spending during this crisis has been partially offset by a rise in online spending, as wary consumers have been staying at home and using the online channel.

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Keywords: GlobalData, Belgium, mcommerce, COVID-19, HoReCa, contactless payments, online shopping
Categories: Payments & Commerce
Countries: Belgium
This article is part of category

Payments & Commerce

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