Supermarket prices are rising, and restaurants are reopening. But Americans keep stocking up on groceries.
Grocery sales accelerated in late May and early June, according to Nielsen data cited in a Morgan Stanley note. That’s despite restaurant revenue growth turning positive in April for the first time during the pandemic. Meanwhile, supermarket prices are up 15% on average versus before Covid-19. More than a third of Americans said they’re still buying more groceries in the first quarter of the year, with only 8% saying they’re purchasing less, according to a survey from researcher Jungle Scout.