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Below is a brief excerpt from complimentary research note written by our Consumer Staples analysts Howard Penney and Daniel Biolsi. If you are an institutional investor interested in accessing our research email sales@hedgeye.com |
Spending on groceries continues to stay elevated in our survey.
In the 9th week of our consumer survey, the share of respondents that said their grocery spending increased over the prior week increased by 1% to 44%.
The percentage of respondents who said their grocery spending has decreased rose to 17%.
Grocery sales remain elevated in May.
Local grocers have seen an elevated spending that has been fairly consistent since the second week of April. This was due to the initial drawdown of food supplies following the stockpiling in the middle of March, as seen in the following chart from Womply (a CRM provider).
The elevated spend points to the calorie shift from food away from home to food at home.
