According to financial experts, pregnancy test sales have risen, and a new generation of “Baby Boomers” as a product of the millennial generation is on the way.
CNBC reported that a millennial-generated “baby boom” seems to be coming soon and could potentially bring up sales for retailers like Target, Walmart, and Costco, according to a note from Bank of America obtained by the outlet.
The company’s research displays that birth rates are reportedly rising, and more pregnancy tests are being purchased as couples continue to say they are trying to have a baby.
The uptick in pregnancies could be epic news in terms of sales for big-box stores and warehouse clubs that sell diapers, strollers, and other baby necessities, as well as those that are conveniently located by suburban neighborhoods where new parents may choose to settle down, according to Robby Ohmes, an equity research analyst.
Ohmes reported that the baby boom could start as soon as this year and that some retail stores that may feel the impact could be Dollar General, Kroger, Albertsons, and BJ’s Wholesale Club.
One of the most significant pointers of a potential “millennial baby boom” is the escalating sales of pregnancy tests. According to the outlet, the sales of pregnancy tests have grown exponentially by an average of 13 percent a year since June 2020. This data is in comparison to the standard of up 2 percent yearly from 2016 to 2019.
The potential boom would reverse the decline in births during the pandemic.
A monthly survey observed that 11.3 percent of participants reported that they or their partner are pregnant or attempting to have a baby in the next year.
Best Buy is amongst certain retailers that are already giving millennials credit for their increased business after a reported rise in baby births, marriages, and home purchases.