Shopper confidence plummeted in January to the lowest levels recorded by the Shopper Confidence Index, from IGD ShopperVista.
The latest data reveals an average score for the month of -14, down from -9 in December – the lowest it has been at any point in IGD’s data. Despite the lifting of COVID restrictions, confidence dropped in the first week of January to -11, and by the end of the month it had dropped to -17.
January 2022 results
IGD ShopperVista; Jan‘22
- 89% of shoppers now expect food prices to rise in the next year, the highest level since September 2011
- Financial confidence reached its lowest level since 2013, excluding the initial 2020 lockdown period, with 39% stating they expect to be worse off in Jan’22 vs 31% Dec’21
Rhian Thomas, Head of Shopper Insight at IGD ShopperVista, said: “The removal of COVID-19 restrictions this month did nothing to improve shopper confidence due to cost-of-living concerns, and there is still space for it to decline further given the full effect of rising prices is yet to be felt.
“We continue to believe that rising food and energy bills will hit the lowest affluence groups hardest, with ‘heating vs. eating’ becoming a genuine concern for the lowest earners.
“From our data we’re seeing shoppers indicate they’re spending more than they want to and buying less as a result. Going forward, businesses should prepare for shoppers being more planned in their shopping – eating more at home and looking to spend less day-to-day to save money and spend on what matters to them.”
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Notes to editors
- Source: IGD ShopperVista; base: 1000+ British shoppers, January 2022
- The IGD Shopper Confidence Index blends four key measures that relate directly to the food and consumer goods sector to calculate an overall indication of shopper confidence:
- Household finances: expect to be better or worse off
- Food prices: expect to get less or more expensive
- Focus on quality vs. saving money: future and current focus
- Trust in industry: across a range of measures
- These measures are combined, and the Index score is calculated. The index can vary from -100 to +100, where -100 is a very negative outlook and +100 a very positive outlook. It produces a monthly indication of GB shoppers’ food and grocery confidence, with trended data going back to 2013.
- The IGD Shopper Confidence Index will be updated each month with our latest data. Historical trend data is available back to 2013.
- For more information about the Index and its measures, please visit IGD ShopperVista
- IGD is an organisation of two interconnected communities. The profits from Commercial Insight are reinvested into Social Impact, which together work to drive change that makes a tangible difference for society, business and the individual.
Commercial Insight is delivered through six core areas:
a. Retail Analysis – providing trusted data and insight, straight from the heart of retail;
b. ShopperVista – providing insight that creates the foundation for progressive shopper and category thinking;
c. Events – providing compelling experiences that connect people and ideas together;
d. MarketTrack – the most trusted, rigorous market read in the retail sector;
e. Supply Chain Analysis – providing answers and unlocking potential;
f. Solutions – personalised solutions that address the critical customer and commercial challenges.
Social Impact from IGD is delivered in four key areas:
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