Consumer Routine Changes, Costco eComm Up 50%, Fastest Growing/Declining Categories
Our most recent consumer study published this week shows 86% of consumers are drastically altering their daily routines (+12 points from earlier in March) and on average expect the crisis as well as their altered shopping behaviors to persist for about 6-7 weeks. Of those that reported stocking up over the last 2 weeks, a net 7% plan on purchasing more grocery products over the next 30 days. Part of this change includes a continued shift online, as 50% are expecting to purchase general merchandise categories online over the next 30 days and 37% are expecting to purchase groceries online over the same time period.
Costco Reports eCommerce Sales up nearly 50% in March
This week Costco announced that eCommerce sales were up 49.8% Y/Y in March excluding the impact of gasoline and foreign exchange. This represents a significant increase in eCommerce mix for the retailer, as February eCommerce growth was 22.7% Y/Y, showing the significant consumer shift towards online shopping and away from brick and mortar locations. Our consumer research has also shown significant shifts towards online shopping, particularly in food and CPG categories, and we anticipate other retailers will report similarly strong March eCommerce growth figures.
Fastest Growing and Declining Categories in eCommerce
Data from our partners at Stackline shows the 100 fastest growing and declining categories Y/Y in March. As might be expected many of the fastest growing categories are centered around consumer staples, health and wellness, and working from home, while the fastest declining categories tend to focus on travel, events, and outdoor activities.
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