Findings:
UK supermarket footfall decreased slightly in June 2024 compared to the previous year.
Take-home grocery sales increased by 1%, the slowest growth since June 2022.
The decline in footfall and sales growth is attributed to poor weather and falling inflation.
Consumers are purchasing fewer summer-related products and more warming items like soup.
Grocery price inflation has fallen for 16 consecutive months, currently at 2.1%.
Consumer sentiment is improving, with more households reporting a comfortable financial position.
Grocers are using promotions to attract consumers during the men's UEFA European Football Championship.
Ocado has been the fastest-growing grocer in the UK for four consecutive months, with sales increasing by 10.7%.
Key Takeaway:
Despite the slight decrease in footfall, the grocery sector is experiencing growth in take-home sales, albeit at a slower pace. This is attributed to factors like weather and falling inflation, which are influencing consumer purchasing patterns.
Trend:
The trend of falling grocery price inflation is leading to improved consumer sentiment and less restricted spending. However, the cost-of-living crisis continues to affect a significant portion of households.
Conclusions:
While the grocery sector is not fully recovered from the impact of the pandemic and the cost-of-living crisis, there are signs of recovery in consumer sentiment and spending.
Grocers are adapting to changing consumer preferences and leveraging events like the European Football Championship to drive sales.
The growth of online grocery shopping, particularly with Ocado, is a notable trend in the UK market.
Implications for Brands:
Brands should focus on promoting products that align with current consumer preferences, such as warming foods during colder months.
Offering promotions and discounts can attract price-conscious consumers, especially during events like sports tournaments.
Investing in online platforms and delivery services can cater to the growing demand for online grocery shopping.
Brands should monitor consumer sentiment and spending patterns to adapt their strategies effectively in the evolving market.
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