Sales of comfort food, electronics, and home improvement products on the rise
Consumers worldwide are buying more comfort food, electronics, and home products as they stay at home due to the pandemic.
According to Daniel Binder, partner at retail sector advisor Columbus Consulting, stay-at-home consumers embrace technologies that enhance their lifestyle, whether through assistance with home chores or entertainment.
This week, electronics retailer Best Buy's online sales jumped more than three times in the current quarter through July 18, while overall sales increased by about 15 percent.
Home improvement retailer Kingfisher Plc reported robust demand for its DIY and gardening products.
JM Smucker Co., which manufactures Jif peanut butter, Smucker's jams, and pet food, raised its dividend as other companies slash payouts as Unilever Plc. noted robust sales of Breyers, Klondike, and Magnum ice-cream and its Knorr soups and Hellmann's mayonnaise.
The Hershey Co. also experience aa surge of over 40 percent in sales of its cocoa powder and chocolate chips in desserts, such as cakes and cookies.
By contrast, jeans maker Levi Strauss & Co had to reduce its executives' salaries through the end of August due to the impact of the pandemic that reduced its sales by 62 percent in the second quarter.