In the United Kingdom, grocery price inflation has reached a new high.
According to Kantar, over four weeks, inflation for grocery stores climbed to 17.5 percent as of the 19th of March. The staggering increase resulted in households' grocery bills increasing by GBP 837 if regular shopping habits were maintained.
In comparison, take-home groceries grew broadly by 8.6 percent over 12 weeks. Globally the financial pinch for grocery shopping has been felt, and for the British public, this would be the ninth consecutive month of inflation in their groceries.
With inflation rates rising rapidly, shoppers have become more savvy, searching for the best value-for-money offers. Households visit shops four times per week in March, except for Christmas. Kantar revealed that this was the highest frequency of grocery shop visits since the beginning of the pandemic.
The price inflation has only increased the competitive nature of the competitive sector as consumers are proving to go elsewhere if the prices of the products they want aren't what they desire. The inflation has also driven supermarkets to attempt innovative solutions to attract customers through the door. On average, shoppers visit at least three or more renowned retailers and supermarkets for their shopping per month.
Loyalty card schemes are just one example of retailers' and supermarkets' leverage to attract a broader consumer base. Using each card has become vital for consumers to find value in their shopping experience. Data supports this, with approximately nine out of ten individuals possessing at least one loyalty card.
Another method consumers use to bring down the cost of their groceries is by purchasing more own-label lines, with sales of which increased by 15.8 percent compared to last year. Products from brands consumers love are still being bought, disregarding Aldi and Lidl, branded products remain to make up 52 percent of the market.
The growing inflation of grocery items has risen significantly over the last few months. The future of the ongoing inflation remains to be seen.
