Food & Drink sector performance – May 2022
07 June 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.
Whilst the last four weeks show modest growth, we increasingly expect that value sales are being boosted by inflation this year and that underlying volume trends are weaker as shoppers economise to manage the cost-of-living challenges they face.
Shoppers are finding it incredibly tough right now, and although the Chancellor’s announcement of a cost-of-living support package may have offered some respite, our Shopper Confidence Index data for May shows that shopper confidence is still incredibly low. Spending priorities are changing rapidly in reaction to continuous price rises, with shopper coping strategies differing by individual life circumstances.
We anticipate the Jubilee may provide a welcome break and opportunity to celebrate with friends and family, with a third (30%) planning to celebrate over the Bank Holiday weekend. However, shoppers face a challenging few months ahead as they look to contend with the rising cost of living.
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