Are you all ready for a new generation of “baby boomers”? A millennium-fueled baby boom is expected after research shows birth rates and sales of pregnancy tests are on the rise.
This could boost sales for major retailers including Target, Walmart and Costco, according to a note released this week by Bank of America. The company’s research shows that birth rates are on the rise and more pregnancy tests are being sold in addition to couples who say they are actively trying to have a baby. CNBC relationships.
The increase in pregnancy test sales was one of the main indicators of the potential “millennial baby boom”. Sales of pregnancy tests have grown an average of 13% year-over-year since June 2020, according to Nielsen data. That’s a big jump from the 2% yoy average from 2016 to 2019.
Robby Ohmes, an equity research analyst, predicts the baby boom could begin this year and has named stores including Albertsons, Kroger, Dollar General, and BJ’s Wholesale Club as beneficiaries.
According to the US Census Bureau, millennials have overtaken baby boomers by becoming the largest generation in the country. According to the Pew Research Center, millennials, a group between the ages of 25 and 40, make up about 72.1 million people.
The expected boom would reverse the decline in births during the pandemic. Live births increased 3.3% in June 2021, the highest level of growth seen since 2013, according to research from Bank of America.
Some retailers are already saying millennials are ramping up business due to a resurgence in marriages, children, and home shopping. Best Buy said millennials have become its largest customer group.
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