Most shoppers are expecting food prices to rise and are actively seeking out value to cope with it, according to IGD’s latest research.
More than nine out of ten shoppers (91%) think food prices will be higher in the next year, with a third (33%) believing they will be much more expensive – compared to 19% in October.
The latest IGD ShopperTrack also shows a quarter of shoppers say they will buy more of the lowest-priced supermarket private label products in the next year, compared to 18% in October.
IGD chief executive Joanne Denney-Finch 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.”