Are y’all ready for a new generation of “baby boomers”? A millennial-fueled baby boom is expected after research shows birth rates and pregnancy test sales are on the rise.
This could lift sales for major retailers including Target, Walmart and Costco, according to a note published this week by Bank of America. The company’s research shows birth rates are up and more pregnancy tests are being sold in addition to couples who say they are actively trying to have a baby, CNBC reports.
The increase in pregnancy test sales was one of the leading indicators of the potential “millennial baby boom.” Sales of pregnancy tests have grown by an average of 13% year over year since June 2020, according to data from Nielsen. That’s quite a jump compared to the average of 2% year over year from 2016 to 2019.
Robby Ohmes, an equity research analyst, predicts the baby boom could start this year and named stores including Albertsons, Kroger, Dollar General and BJ’s Wholesale Club among the beneficiaries.
According to the U.S. Census Bureau, millennials have surpassed baby boomers to become the largest generation in the country. Millennials– a group that ranges in age from 25 to 40– make up roughly 72.1 million people, according to the Pew Research Center.
The predicted boom would reverse a decline in births during the pandemic. Live births jumped 3.3% in June 2021, the highest level of growth seen since 2013, according to Bank of America’s research.
Some retailers are already claiming millennials are driving up business due to an upswing in marriages, babies and home purchases. Best Buy said millennials have become its biggest customer group.
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