Pregnancy test sales have surged throughout 2021, signaling the start of what could be a "millennial baby boom," according to Bank of America.
Since June 2020, pregnancy test sales have "accelerated meaningfully," growing 13% year over year, according to Bank of America research and Nielsen data.
This is an uptick from the average 2% year-over-year increase from 2016 to 2019, according to the data.
The numbers are an indicator that millennials, the largest demographic in the nation, "could drive a baby boom in 2021," according to the note.
This comes after the U.S. saw a decline in live births throughout 2020, according to the note by Robert Ohmes, a research analyst at Bank of America.
In June 2021, live births already increased 3.3%, which marks the "highest level of growth" since 2013.
According to Nielsen data, sales of pregnancy tests surpassed $106,000,000 over the past 13 weeks. Sales surpassed $411,000,000, according to the data over the past 52 weeks.
If the trend continues, it "would likely support increased spending at discount Stores," according to the research note.
For instance, Ohmes told Forbes that larger retailers such as Target, Walmart and Costco, Albertsons, Kroger, Dollar General and BJ’s Wholesale Club could benefit as new parents begin to look for a variety of necessities.
This includes anything from diapers and cribs to toys and clothes.