Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Britons Curb Spending Despite Drop in Grocery Inflation, Reports Kantar

by June 19, 2024
June 19, 2024
Britons Curb Spending Despite Drop in Grocery Inflation, Reports Kantar

Britons have curtailed their supermarket shopping and traditional summer purchases due to recent poor weather, despite a further decline in grocery price inflation, according to a report by Kantar.

In the four weeks to 9 June, supermarket prices were 2.1% higher than a year ago, down from May’s 2.4% inflation rate. This marks the 16th consecutive month of slowing price rises. Kantar noted that costs are falling in nearly a third of the categories it monitors, including toilet tissue, butter, and milk—an improvement from last year when only 1% of categories showed price declines.

The monthly report precedes the release of official UK inflation figures for May, expected to show headline inflation falling from 2.3% in April to the government-set target of 2%.

Fraser McKevitt, head of retail and consumer insight at Kantar, highlighted that despite the reduction in grocery inflation, “the cost of living crisis isn’t over—far from it.” He noted that 22% of households reported struggling to cover expenses or just making ends meet.

McKevitt added: “However, there are positive signs that many of us no longer feel the need to restrict our spending quite so much, with lower inflation helping to ease the pressure on people’s pockets.”

Despite 36% of households describing their financial position as comfortable—the highest proportion since November 2021—sales rose by just 1% in June, the slowest increase since June 2022, according to Kantar. Footfall also dipped.

The wet weather resulted in nearly 25% fewer sun care items and 11% fewer prepared salads being bought compared to last year. Conversely, sales of fresh soup jumped by almost 24%.

McKevitt remarked: “The sixth wettest spring on record hasn’t just dampened our spirits leading into summer; it’s impacted the grocery sector too, with Britons seemingly deterred from frequenting the shops. We’re not yet reaching for typical summertime products and are making some unexpected purchases for June.”

Supermarkets and pubs are banking on strong performances from England and Scotland in the Euro 2024 tournament to boost spending, with beer and lager promotions jumping to over 40% in the last four weeks.

“Retailers will be competing with fans heading out of the house to watch the football as well as with each other,” said McKevitt. “Pubs especially could benefit from a boost—whether or not football comes home. During the last tournament in 2021, sales of food and non-alcoholic drinks in pubs soared by 60% compared with the average month that year.”

Tesco solidified its position as Britain’s largest supermarket, with a market share of 27.7% following a 4.6% rise in sales in the three months to 9 June compared with a year earlier. Sales increased at all major supermarkets over the period, except for Asda, which saw a 4% decline, and Co-op, down by 2.3%.

Ocado emerged as the fastest-growing grocer for the fourth consecutive month, with a 10.7% increase in sales over the 12 weeks to 9 June. Almost a quarter of British households (23%) did their grocery shopping online in the last three months, with more than 4% opting for Ocado.

Discounter Aldi, the fourth-largest retailer by consumer spend, boosted sales by 0.8%, now holding a market share of 10%.

Read more:
Britons Curb Spending Despite Drop in Grocery Inflation, Reports Kantar

0
FacebookTwitterGoogle +Pinterest
previous post
Biffa Sues Scottish Ministers for £200m Over Failed Bottle Deposit Scheme
next post
Rail Season Ticket Usage Hits Record Low Amid Shift to Hybrid Working

You may also like

Tax revenues rise £24bn, offering government optimism amid...

November 21, 2024

Inflation Survival Guide: Tom Rotmans’ Expert Insights for...

November 13, 2023

The Sky’s the Limit: The Future of Urban...

January 21, 2025

The Business Champion Awards ‘Sustainable Business’ finalists are...

January 31, 2023

10 Tips For Better Investments

September 2, 2023

Ireland to increase public spending by nearly 7%...

July 10, 2024

Unleashing Potential: Improving the employment prospects of autistic...

June 5, 2023

Aston Martin agrees deal to make electric vehicles...

June 26, 2023

5 Business Grants in The UK To Make...

October 18, 2023

Electric Car Battery Breakthrough Could Ease Range Anxiety

June 19, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Universities in Libertarian Land

      June 6, 2025
    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025
    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,012)
    • Politics (15,544)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved