According to the British Retail Consortium, grocery inflation in the UK fell from 13.4% in the year to July to 11.5% in August 2023 1. This is the lowest rate since December 2022 1.
However, despite the decline in grocery inflation, it remains a significant concern for consumers. A survey conducted by Which? found that almost nine in 10 respondents were worried about the cost of groceries 1. The same survey also revealed that food prices were now as much a concern for consumers as energy bills 1.
The high grocery prices have led to changes in consumer behaviour. For instance, many Americans are changing how they shop for groceries and what they buy. More than half of those surveyed said that rising meat prices made them more curious about trying plant-based food and dairy options 2. Others are also shifting their shopping habits to take fewer trips or are forgoing their favourite brands 2.
In the UK, trust in the supermarket sector has fallen to its lowest since the horsemeat scandal a decade ago, according to a separate poll by Which1. Less than half of 2,000 adults surveyed by Which? said they trusted the supermarket sector to act in their best interest, while nearly one in five said they did not trust the sector 1.
Obviously this is generally bad news, but hopefully our role in the community protects us slightly from this, we earn trust in more ways that just prices.
But if we didn’t have just that to deal with we now have the beginning of the Stoptober campaign, it is an annual event that encourages smokers to quit smoking for 28 days during October. While there is no direct correlation between Stoptober and sales in UK convenience stores, it is possible that sales of tobacco products may decrease during this period as smokers attempt to quit smoking 3. However, it is important to note that Stoptober is not just about quitting smoking but also about promoting healthy living and well-being. Therefore, it may also encourage people to make healthier choices when it comes to food and drink consumption. In reality we have moved towards healthier options at a slower rate than Supermarkets, not because we want unhealthy customers, its just not what they come into store for with one great exception.
You don’t need us to tell you the importance of selling Vapes, with the good margin we enjoy, but now more than ever keep up to date on new flavours and trends in vaping, have a look at heathier snacking, and maybe even a look at plant based alternatives especially in dairy.
1: The Guardian 2: CNBC 3: NHS
