Shopper confidence has once again plummeted in the last month, taking it to record lows, according to the latest Shopper Confidence Index from IGD Shoppervista.
March’s Index score fell from -18 in February to -23, despite a slight peak mid-month when it looked like oil prices may come down. Financial confidence in particular dropped to a score below the previous low during the initial pandemic phase in April 2020.
March 2022 results
- Half of shoppers now expect food prices to be ‘much more expensive’ in the year ahead, a rise from 12% a year ago
- London’s shopper confidence went from the highest to lowest of all regions, dropping from -15 to -25 in the month
- Confidence amongst 18-34-year-olds dropped fastest this month, with older age groups ‘bottoming out’
- Focus on saving money has grown, with a net difference of 27% more shoppers now focused on saving vs buying quality
Rhian Thomas, Head of Shopper Insight at IGD ShopperVista, said:
“Shoppers are rightly concerned about prices increasing and beginning to shift their focus to saving money. This will obviously have an effect on the way they shop, so it goes without saying that businesses should be focusing on their value proposition and how they can support shoppers during this period.
“One positive from this is that trust in the industry remains strong – shoppers are aware that these challenges are external pressures, rather than industry-driven, so there is an opportunity to engage with shoppers during these turbulent times.”
IGD subscribers can access the full Shopper Confidence Index report here.
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Notes to editors
- Source: IGD ShopperVista; base: 1000+ British shoppers, March 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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