FOOD AND DRINK SALES STILL GOING STRONG BUT BUYING TRENDS CHANGING
Listed under: News
Published: Tuesday, August 12, 2008
Although belts have been tighten and wallets closely guarded, it seems that the priority to eat well hasn't changed, giving the food and drink sector a welcome boost.
The only sector to show sales growth compared with July 2007 was food and drink, according to new figures published by the British Retail Consortium (BRC), which reported that overall sales values dropped by 0.9% year-on-year, making this summer the worst since 2005.
Joanne Denney-Finch, chief executive at IDG, stated that the grocery sector can usually be more "resistant" against an economic downturn. But she said that the prevailing climate is having an influence on where consumers spend their money.
She stated, "Economic conditions are starting to affect shopper behaviour in different ways. Some are shopping more locally, for example, or buying in season. Some are returning to frozen foods. Others are changing their usual brand or outlet."
People are beginning to "sharpen" their shopping skills, she added, in an effort to save cash here and there.
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