Decline of the Nice-to-Have Economy
The Wall Street Journal discusses The Decline of the Nice-to-Have Economy
- In 2020, Nestlé bought Freshly, a home-meal delivery service, for $950 million. At its peak during the pandemic, Freshly said it was delivering more than one million meals a week to Americans. Yet Nestlé is shutting down home delivery of Freshly meals this month, citing shifting consumer demand. Nestlé didn’t respond to requests for comment.
- Meal-kit startup Blue Apron‘s revenue has declined and its valuation has collapsed, and the company is now in danger of being delisted from the New York Stock Exchange as its share price lingers below $1. Blue Apron didn’t respond to requests for comment.
- The meal-kit market leader, Berlin-based HelloFresh, has fared better. The company saw a spike in demand during the pandemic, and anticipates continued growth in revenue of at least 25%, year over year, according to