by Zero Hedge Sun, 11/22/2020 – 19:30
America is transforming into a nation of preppers as COVID winter sets in. We outlined weeks ago (see: here & here), round two of panic hoarding was well underway if that was for toilet paper, non-perishable food, and or ammunition.
Bloomberg is only now reporting, “households across the US are once again filling grocery carts brimful in the second round of panic buying as the virus surges and states clamp down on economic activity. Defensive purchasing is affecting everything from paper towels to bacon. Even the world’s biggest retailer is reporting shortages of high-demand items, including cleaning supplies, breakfast foods — and the most important commodity in any bathroom.”
Several executives from major corporations are warning about supply chain stress as consumers gobble up high-demand items as the second virus wave spirals out of control.
“It really does have everything to do with what’s happening with Covid cases in any particular community,” Walmart’s chief executive officer, Doug McMillon, said on an earnings call last week.
“We’re going to be able to respond in this instance better than we did in the first half of the year, although we’re still — as a total supply chain — stressed in some places,” McMillon said.
According to Centricity Inc., a firm that tracks online search activity, demand for non-perishable items has skyrocketed 60-70% in the last several weeks.
Mike Brackett, Centricity’s chief executive officer, said the recent surge in panic hoarding trends is on top of the “meteoric” year-over-year increases for pantry staples.
Jim Dudlicek, a spokesman for the National Grocers Association, said consumers would start to see purchase limits again as the COVID winter has led to another surge in high-demand items at supermarkets nationwide.
Kraft Heinz Co. chief executive officer Miguel Patricio said investing in product lines comes as high-demand items fly off the shelves.