Food & Drink sector performance – January 2022
10 February 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.
After a welcome uptick in food and drink sales at Christmas, 2022 has started on a downbeat note with sales struggling to match those of January 2021. Although it was always going to be a hard benchmark as we were in the peak of a third national lockdown in January last year, with food and drink sales surging as a result.
Following the respite of Christmas celebrations, the new year has brought increased shopper anxiety and IGD’s Shopper Confidence Index reached its lowest level since the index started in 2013. With the cost of living rising at its fastest rate in 30 years, our ShopperVista insight reveals that 89% of shoppers expect food to get more expensive in the year ahead. Coupled with the energy price cap set to rise sharply from April, some 39% of shoppers expect to be worse off financially in the year ahead, up 8% from last month. Therefore, we can expect more shoppers to increasingly focus on tightening their spending in the months ahead.
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