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CHART OF THE DAY: Consumers upgrade groceries in lieu of restaurant meals as pandemic continues

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In July and August, specialty food retail sales grew to 30.6% and 28.1% of pre-pandemic levels, respectively, outpacing categories that saw strong sales growth in March 2020. With consumer packaged goods giants reducing their offerings to focus on replenishing core products, and grocers softening on in-store promotional requirements, there are plenty of opportunities for innovative brands to capture market share.

This is a shift from the early days of the pandemic, when sales of conventional and natural food offerings experienced growth as consumers stocked up on essentials in preparation for lock-downs. Consumers then sought out specialty food options more as they continued to shelter in place. Restaurant budgets were diverted to at-home food spending, which helped specialty foods take a bigger share of the replenishment baskets.

RETAIL FOOD SALES

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About Peter Cadigan

In May 2019, Peter Cadigan was selected as a senior analyst in RSM’s cutting-edge Industry Eminence Program. These senior analysts advise clients on conditions influencing middle market leaders. Peter’s focus is on the consumer products industry.

Peter is an audit senior manager in RSM US LLP’s New York Office, servicing closely held and private equity owned consumer product and food and beverage companies. With more than 12 years of accounting and audit experience, he has in-depth knowledge dealing with issues that affect the consumer product industry, including revenue recognition, stock option and warrant accounting, and acquisition accounting.