While stuck inside during the pandemic, plenty of people have decided to spruce up their surroundings.
The result has been great for home improvement retailers such as Home Depot, Lowe’s and Ace Hardware, which have seen sales spike as the nation shelters in place. But the time and money people are putting into their homes now could have long-term benefits for a completely different industry—packaged-food manufacturers.
Sean Connolly, CEO of Conagra Brands, maker of Duncan Hines cakes, Orville Redenbacher’s popcorn and Slim Jim meat snacks, believes that even when a vaccine arrives and restaurants begin running at full capacity again, people will feel pulled toward spending more time around the house because of all the upgrades they’ve made to their kitchens, furniture and entertainment systems.
“Now that they’ve made these investments into nesting or cocooning—whatever you want to call it—we expect they’re going to want to get a return on