With the advent of COVID-19, we have seen shoppers panic-buying and stockpiling on products such as frozen and long-life foods. One UK electrical supplier quoted that March freezer sales had increased YOY by +300% with refrigeration up +14% overall for the month.
Many supermarkets experienced their shelves being stripped of product by mid-morning. THE GROCER magazine quoted “Brits spent nearly £60m in the first week of the COVID-19 panic and this was before the public was advised against unnecessary travel and contact with others”.
Meanwhile, the saga of toilet tissue accounted for the highest increase in sales. An extra £17.6m worth of toilet tissue went through UK tills in the first week of March compared to last year.
Several companies are saying it is too early to forecast the impact of COVID-19.