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Are you ready to welcome a new generation of “baby boomers”? After research shows that birth rates and pregnancy test sales are on the rise, it is expected that millennials will usher in a baby boom.
According to a report released by the Bank of America this week, this may boost sales of major retailers including Target, Wal-Mart and Costco. The company’s research shows that in addition to those couples who say they are actively trying to have children, the birth rate is also rising, and more pregnancy tests are being sold. NBC Finance Channel report.
The growth of pregnancy test sales is one of the main indicators of the potential “millennial baby boom”. According to Nielsen’s data, since June 2020, sales of pregnancy tests have increased by an average of 13% year-on-year. This is a considerable increase compared to the average annual growth rate of 2% from 2016 to 2019.
Equity research analyst Robby Ohmes predicts that the baby boom may begin this year, and lists stores such as Albertsons, Kroger, Dollar General and BJ’s Wholesale Club as beneficiaries.
According to data from the U.S. Census Bureau, millennials have surpassed the baby boomers to become the most populous generation in the United States. According to the Pew Research Center, there are approximately 72.1 million millennials (ranging from 25 to 40 years old).
The projected boom will reverse the decline in the birth rate during the pandemic. According to a study by the Bank of America, live births increased by 3.3% in June 2021, which is the highest growth rate since 2013.
Some retailers have claimed that millennials are driving business growth due to the increase in marriages, babies and home purchases. Best Buy said that millennials have become its largest customer base.
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