Retail (Consumption)Watch video
After years of share losses, food retailers retook significant share of food in 2020. Traditional grocery stores had generally lost share to mass, but as consumers consolidated shopping trips during the pandemic, food retailers took market share.
The food service recovery has not yet weighed on food-at-home sales. Food service spending increased 2% versus pre-pandemic levels in March and 4% in April. Despite the food service recovery, food and beverage sales for off-premise consumption accelerated.
Food-at-home consumption has remained persistently high, but we expect this to unwind. Relative to pre-COVID consumption levels, food-at-home was up %18 in March and 16% in April. We suspect that this is temporary, aided by pent-up demand and stimulus payments.