1/ THREAD: Time for another set of charts on the real-time economic and market impact of COVID-19, using proprietary data from :
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2/ Let's start with e-commerce, where we have first-party data that captures transactions by category and not just by store.
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3/ Last week I pointed out a category divergence: animals & pet supplies exploding, apparel & accessories collapsing. That divergence still exists, but has come back a lot from the extremes seen 2 weeks ago; perhaps an early sign of a return to normalcy?
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Turns out there's a definite time component to the pantry effect. Most people stock up on booze, stocks up on raw turkey ...
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Americans have slowed their pantry-loading on booze, says @CowenResearch — reinforcing our caution “around giving too much credit to the pantry-load effect which could potentially reverse as consumers stay in and spend less.”
#covid19


