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Grocery-Store Boom Is Poised to Live On Even as Pandemic Fades
- Analyst: ‘This is surprising, given the economy reopening’
- Ease of online shopping help fuel gains for Kroger and Walmart
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Supermarket prices are rising, and restaurants are reopening. But Americans keep stocking up on groceries.
Grocery sales accelerated in late May and early June, according to Nielsen data cited in a Morgan Stanley note. That’s despite restaurant revenue growth turning positive in April for the first time during the pandemic. Meanwhile, supermarket prices are up 15% on average versus before Covid-19. More than a third of Americans said they’re still buying more groceries in the first quarter of the year, with only 8% saying they’re purchasing less, according to a survey from researcher Jungle Scout.