As we know, the pandemic has encouraged all sorts of random consumer behavior among different demographics. We’ve seen an increase in entertainment spend, decrease in travel spend, and there was that month we ran out of toilet paper. The most recent surprise consumer change was discovered when Tractor Supply Co., a popular rural US retailer, released their 2020 earnings.
They found significant growth in chicken sales over the past year, half of which to new customers. This is thought to be the result of millennials moving from big cities to more rural areas during the pandemic. Homeownership rates are growing fastest among those under age 44 and rural population growth among millennials has increased by 3% in February according to a study by Prevedere.
Personally, I don’t have any plans to ditch city-living anytime soon, but it’s nice to know I’d be in good company if I did (referring to the chickens).