More shoppers expect higher food inflation
Most shoppers are expecting food prices to rise and are actively seeking out value in order to deal with this, according to IGDs latest research.
More than nine out of ten shoppers (91%) think food prices will be higher in the next 12 months, with a third (33%) believing they will be much more expensive – compared to 19% in October 2010.
When asked by IGD ShopperTrack, ‘how do you expect food prices to change over the next 12 months’:
• 91% of shoppers (January 2011) think food prices will be more expensive (v. 87% October 2010), of which:
- 33% believe they will be much more expensive (v. 19% October 2010)
- 58% believe they will be a bit more expensive (v. 68% October 2010)
IGD’s latest ShopperTrack research also shows a quarter of shoppers (25%) say they will buy more of the lowest-priced supermarket private label products in the next 12 months, compared to 18% in October 2010.
Joanne Denney-Finch, IGD chief executive, said: “There’s been widespread media coverage of rising commodity prices and the pressures it is placing on the cost of food, and we see the effect of this coming through in our shopper research. This pressure, combined with higher living costs, is causing shoppers to reassess how they spend their money.
“We see the focus for shoppers is still about value rather than price alone. Shoppers are continuously assessing products based on the performance that they deliver and are prepared to pay a little extra where they see great value being demonstrated.”
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