Nike Spent $3.59bn On Advertising In 2020, Closed 5.1% Of Its Retail Shops Amid Pandemic | Lagos Post Online

Nike Spent $3.59bn On Advertising In 2020, Closed 5.1% Of Its Retail Shops Amid Pandemic

Nike has spent $3.59 billion on advertising in 2020. The figure represents a slight drop from last year’s $3.75 billion according to data presented by SafeBettingSites.com

Nike’s 2020 revenue drops amid a pandemic 

Nike’s spending on advertisements has remained fairly constant over the years. In the last five years, the company has spent a total of $17.54 billion on advertising.

The SafeBettingSites research also overviewed Nike’s revenue and 2020 recorded $37.4 billion. This is a drop of 4.35% from last year’s $39.1 billion.

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Notably, Nike’s last year’s revenue was the highest in five years. In 2018, the revenue stood at $36.9 billion, representing a growth of 7.26% from 2017’s $34.4 billion.

Nike’s 2020 revenue drop was majorly due to the coronavirus pandemic. According to the research report:

“The pandemic played a key role in shifting consumer behavior, a change that was also felt at Nike. During the period, most consumers opted for online shopping in a bid to flatten the curve. The changing consumer behavior offers Nike an opportunity to transform its business in regards to meeting customer needs.”

In 2019, Nike retail stores in the United States stood at 384, dropping to 338 in 2020. For non-US based stores the number stood at 768 last year while in 2020, the figure was 758.

From the data, in 2020 Nike has closed 46 shops in the U.S, and only 10 overseas representing about 5.1% of all 1096 retail stores. The closure was mainly due to the implications of the coronavirus pandemic.

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