As COVID-19 cases soar across the United States and indoor dining restrictions are renewed in some states, Americans’ stockpiling of groceries is expected to increase.
Fresh and frozen seafood sales are also expected to increase as meat supplies dwindle, 210 Analytics Principal and Founder Anne-Marie Roerink told SeafoodSource.
“This week, I’ve received several reports from stores in areas with high and rising [COVID-19] case counts that they are experiencing high volume,” Roerink said. “It appears that all the areas that have discussed renewed shelter-in-place mandates are gearing back up on e-commerce and high volume.”
Regional stockpiling will push up both frozen and fresh seafood sales in the near future, Roerink predicted.
“I have gotten several reports of stores needing to restart metered entry and purchase maximums, and that meat and other items were starting to sell out again. That means that, even if frozen seafood or fresh seafood wasn’t on the list (and it seems to be on the list a whole lot more often now), more people will divert meat dollars there,” Roerink said.
Plus, many restaurants in the northern U.S. are being impacted by renewed shutdowns and colder temperatures, Roerink said.
“This means that more of the foodservice seafood dollar is likely to move back over to retail,” she said.
Major retailers are also reporting that shoppers are stockpiling groceries – and their sales reflect those trends. For example, Walmart’s e-commerce sales jumped 79 percent in the third quarter, while same-store sales rose 6.4 percent.
“Today, there has been some leveling out, but with the [COVID-19] case counts coming back up, there are some areas we see stock-up behavior again locally,” Walmart CEO Doug McMillon told the audience at the Yahoo Finance All Markets Summit, Progressive Grocer reported. “We think these new customer behaviors will largely persist and we’re well positioned to serve customers with the value and experience they’re looking for.”
Similarly, Target’s e-commerce sales spiked 155 percent in the third quarter, while same-store sales rose 9.9 percent. Customers’ orders via Target’s home delivery service Shipt soared 280 percent and Its curbside pickup service increased by more than 500 percent.
Ahold Delhaize’s net consumer online sales also surged 114.7 percent in its third quarter, and comparable store sales growth rose 12.4 percent.
Fresh seafood is benefitting from the grocery boom, as sales soared 27 percent in October, while frozen seafood sales spiked 34.5 percent, according to IRI and 210 Analytics.
Photo courtesy of Jennifer M. Mason/Shutterstock
