Growth in grocery agri-food spend
A survey carried out for Checkout magazine by Empathy Research has found that 29 per cent of consumers feel the amount they spend on groceries ‘will increase’ next year, an indication that consumer confidence may be returning to the market.
This was more prevalent among respondents with children (32 per cent), than those without children (25 per cent).
In contrast, 13 per cent of respondents feel that the amount they spend on groceries ‘will decrease’ in 2014. 59 per cent expect the amount they spend on groceries to ‘remain the same’ as this year. Slightly more female consumers (61 per cent) were of this opinion compared to males (56 per cent).
However, more than two-fifths (43 per cent) feel that Irish supermarkets need to do more ‘to respond to my current financial situation’. Again, more participants with children were of this opinion (47 per cent), compared to those without children (39 per cent).
In addition, respondents in older age groups felt that supermarkets aren’t doing enough to meet their financial requirements – with 47 per cent of 35 to 44 year olds and 45+ year olds saying supermarkets should do more to meet their needs, compared to 37 per cent of 25 to 24 year olds, and 28 per cent of 18 to 24 year olds.
“While we’re not out of the woods yet, the fact that close to a third of consumers believe their grocery spend will increase next year is a clear indication that the mood out there is changing,” said Stephen Wynne-Jones, editor of Checkout.
“With this in mind, supermarkets and grocery brands need to be increasingly agile – while any uplift in spend will be welcomed, the past few years have taught us that nothing should be taken for granted.”