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Even as lock-down restrictions have eased, Americans are spending more time eating at home, according to Bank of America.
The Wall Street firm performed a survey and most respondents said they plan to spend considerably less money at restaurants over the next twelve months. This positions a handful of retailers, manufacturers, grocers, food producers, and delivery disruptors to benefit from the change in consumer behavior.
"There could be many reasons for this including fears of a second COVID wave, general anxiety over increased social interaction in crowded public places or general worries over employment and wages once government stimulus fades," Bank of America research analyst Elizabeth Suzuki told clients.
The firm said 86% of respondents are choosing to spend more time at home even as restrictions lift.
"This means more meals are being prepared at home for the foreseeable future," Suzuki added. "This could be a medium-to-long-term driver of above average demand for kitchen tools and appliances."