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Grocery sales soared in 2020 due to COVID-19, but analysts forecast a 2021 crash back to Earth

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Shoppers raided grocery store shelves in 2020, stocking up their pantries and dining increasingly at home as the COVID-19 pandemic spread.

Now analysts and investors are concerned that sales will come back down to Earth in 2021, driving comparable sales declines across the sector.

“Food and discount retailers were COVID-19 winners in 2020 on the dramatic shift to at-home-related consumption that drove unprecedented grocery sales as well as strength in household, electronic, outdoor, home exercise and solitary leisure general merchandise,” wrote Bank of America analysts led by Robert Ohmes.

“2021 will be a year of tough comparisons that begins with…



Source marketwatch.com

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