Food & Drink sector performance – July 2022
10 August 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.
July’s food and drink value sales were again flattered by inflation, masking some ongoing dips in sales volumes. Shoppers are genuinely tightening their belts by buying fewer items in addition to switching stores and buying more private label products.
Our Shopper Confidence Index improved a little in July, no doubt boosted by England’s Lionesses successful Euro 2022 football campaign. Plus, the heatwave and one in four families receiving the first cost of living payment, fewer were impacted by rising energy bills (68% compared to 74% in April ’22). However, with food price inflation forecast to increase in the coming months and Ofgem expected to announce a significant increase in the energy price cap at the end of August, there are still significant challenges ahead.
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