Food & Drink sector performance – February 2022
08 March 2022IGD’s CEO, Susan Barratt, contributes to the BRC’s Retail Sales Monitor, providing insight on UK food and drink sales.
IGD’s CEO, Susan Barratt, contributes to the BRC’s Retail Sales Monitor, providing insight on UK food and drink sales.
Food and drink sales put in a resilient performance in February and although the market isn’t performing at the same rate as the lockdown-boosted growth of 2021, it remains elevated compared to 2020. Part of this will be down to inflation of course, which is undoubtedly playing a role, as shoppers face the fastest rise in the cost of living in 30 years.
Against this backdrop, it’s no surprise that IGD’s Shopper Confidence Index continued its decline in February, reaching another all-time low since the index started in 2013. Anxiety among shoppers has no doubt been exacerbated by continued rising inflation, Ofgem’s confirmation that the energy price cap will increase by 54% in April and uncertainty over how Russia’s intervention in Ukraine will impact supply chains and food prices.
Click here for the latest RSM
More economic news and analysis
Sign up to our bulletin
Our round-up of the latest economic and political news, focused on FMCGs