1、REPORTWhat effect did the pandemic have on e-commerce growth in Europe?CBRE RESEARCHJULY 2023Future CitiesE-Commerce in the Post-Pandemic Era2CBRE RESEARCH 2023 CBRE,INC.Future CitiesE-Commerce in the Post-Pandemic Era|EuropeThe pandemic had the potential to fundamentally alter the way we shop,by si

2、gnificantly accelerating the growth of e-commerce penetration,defined as the percentage of total retail sales in a market happening via online channels as opposed to in-store.In this report,we review whether key European markets have experienced a lasting e-commerce growth effect as a result of COVI

3、D,and the associated implications for retail and logistics real estate.Aside from the surge observed during pandemic lockdown periods,mature e-commerce markets have not seen a notable acceleration of their pre-pandemic trend rate of growth.Emerging markets have seen a lasting effect through increase

4、d technology adoption and infrastructure improvements,but represent a much smaller proportion of spending.Further e-commerce growth is forecast,stimulating additional demand for logistics space across Europe.However,across all markets,the majority of consumers still prefer to shop in-store,and a sig

5、nificant percentage view the physical and online retail channels as intertwined.For retail occupiers,a strong omnichannel offering with a seamless online and offline experience will be important in the future.What effect did the pandemic have on e-commerce growth in Europe?Introduction3CBRE RESEARCH

6、 2023 CBRE,INC.Future CitiesE-Commerce in the Post-Pandemic Era|EuropeSource:CBRE Research,Euromonitor.EUR values,fixed 2022 exchange rates;*Excludes Russia and TurkeyFigure 1:Share of European e-commerce spend in 2022*A concentrated marketEuropes top six e-commerce markets account for over 70%of to