Shoppers braced for price rises
Most shoppers are now braced for higher food prices, according to the latest research from grocery think tank IGD.
According to the IGD ShopperTrack, 90% of consumers are expecting food prices to be more expensive in the year ahead, and 29% said they would be doing more shopping at discount stores as a result, while a further 16% said they would be switching to frozen food retailers.
Joanne Denney-Finch, chief executive, IGD, said: “The vast majority of shoppers believe that food inflation is set to increase over the next 12 months. They are not taking it lying down and, instead, are prepared to sacrifice some of their time by shopping around at different retail formats, from discounters to frozen food stores, to get the best deals.
“Although shoppers are looking for value, they are still interested in maintaining their values and are prepared to pay for this: nearly half of shoppers (49%) say supporting local or British products is important to them when choosing what groceries to buy. But shoppers in some parts of Britain are more focused on price: those in Scotland are the most likely of any region to focus on saving on money in the year ahead.
“Even with the constant talk of doom and gloom, shoppers are still prepared to splash out: eight out of 10 say they pay extra for premium quality groceries every now and then, for example, during the recent Royal wedding.
“Fixed-price meal deals, such as dinner for two for £10, more price-matching and round pound deals are some of the initiatives food companies have introduced to help shoppers keep within budget.”