Food & Drink sector performance – June 2022
13 July 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 fluctuated week by week in June, and with volume sales down and value sales up, we can clearly see inflation coming through. However, the overall downward sales trend for volumes means the outlook continues to be challenging, although good weather might provide a welcome boost in July.
IGD’s Shopper Confidence Index reached a new record low in June as shoppers contend with the cost-of-living crisis. We’re forecasting that food inflation will reach 15% this summer and our ShopperVista research shows that shoppers are increasingly trying to save money in every part of their lives. Unsurprisingly, shopping habits are changing; some 60% of shoppers are now spending time to save money, up from 55% in March. With record petrol prices, being able to walk to a grocery store is also increasingly important with 27% of shoppers agreeing this is a driver of store choice, compared to 24% in May.
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