Slayton Search Partners: Will CPG Continue to "Boom" Through 2021 and Beyond?
Labor economist, Julia Pollack, recently commented on the pandemic-driven economic downturn, saying that, “This was the deepest, swiftest recession ever, but it’s also turning into the fastest recovery.” Not only is it a speedy recovery, but for consumer-packaged goods companies, 2021 is positioning the sector for an unexpected boom.
Slayton Search Partners released an article that discusses CPG and how this category will succeed post-pandemic and in 2021.
Food and beverage became the largest segment of online CPG, with 44% of dollar sales over the course of 2020—a 125% increase from the previous year. “Something unusual happened to the industry with the impact of COVID-19,” comments NielsenIQ’s Elizabeth Buchanan. It’s unusual, but in the context of the pandemic, it isn’t all that surprising. With people confined to their homes and anxious about virus transmission, turning to online options for groceries and restaurant deliveries seemed to be the natural choice.
The article outlines the following:
- How CPG fared in 2020
- Customer behavior going forward
- Welcome to the roaring '20s
- Leading through a boom