What Do Quarantined Americans Want? Vacuums and Sheets, CEO Says
(Bloomberg) -- Americans have been sprucing up their homes through the weeks of quarantine, according to the head of Bed Bath & Beyond Inc.
The retailer's sales of vacuums rose more than 110% in the past eight weeks from a year ago. Gains for sheet sets and espresso machines were also up about the same amount in that period. Bread maker sales jumped 240%. Shoppers were also interested in making improvements in their backyards, with searches for items like grilling tools and outdoor lighting up 50%.
“What's interesting is I don't hear anyone saying ‘I want to buy a new pair of sandals or a new dress,' but they are saying ‘I want a whisk,' ‘I want a new pillow,' ‘I want new bath towels,'” Chief Executive Officer Mark Tritton said in an interview. “That's changing the discretionary spend and we're really well positioned in all of that.”
Shopping was upended in March as stores were shuttered across the U.S. in response to the coronavirus pandemic. March retail sales plunged 8.7% from February, the worst drop on record.
At first, Americans largely limited their purchases to groceries and work-at-home setups. But there are signs this has started to change. In the week ending April 25, general merchandise sales grew 7% compared to the prior seven-day period, the fourth consecutive week of growth, according to data tracker NPD Group.
The more time consumers spend at home, the more they are thinking about ways to improve their spaces, Tritton says.
“People realize what they do and don't have,” Tritton said. “It's staring them in the face every day.”
©2020 Bloomberg L.P.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.