Welcome to Thoughts on the Market.

I'm Simeon Gutman, Morgan Stanley's Hardline, Broadline, and Food Retail Equity Analyst.

And I'm Brian Noah, Equity Analyst covering the U.S. Internet industry.

And on this episode, we'll be diving into food, specifically the untrusted ended changes

in the food retail industry driven by the COVID pandemic.

It's Tuesday, May 25 at 10 a.m. in New York.

Simeon, Food Retail is one of those areas where you and I have some overlap.

We recently conducted a survey of 3,000 grocery shoppers around online grocery shopping

trends.

What were some of the biggest takeaways from your perspective?

The biggest takeaway is that online grocery shopping doesn't look like it's going backwards.

This was adopted by many more consumers during the pandemic.

And even though we modeled some rate of reversion, we're just not seeing it.

It seems like this is sticky and it's here to stay.

Completely agree with you.

And the demographics are broadening.

You're seeing even older demographics move online.

In addition, 52% of the people that we surveyed who shopped for groceries online said they

expect to do it at the same rate as it did during COVID going forward.

So there's no turning back from here.

Yeah.

And I think if you look into the results, we're at about 40% of all respondents now shop

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