Average Grocery Spend Declines To Lowest Level Since 2005
News: According to the latest figures released by UK-based market research company Kantar Worldpanel, the average amount spent by Irish shoppers on grocery products has declined to its lowest level since 2005. The figures also revealed that the shoppers are spending an average of EUR21.30 (US$27.83) in the 12 weeks ended September 2, compared with an average of EUR22.50 (US$29.40) in 2011. This marks the lowest level of average grocery spend in seven years.
BMI View: Price consciousness remains the dominant theme of the Irish retail sector. This has been borne out by recent data from market researchers Kantar Worldpanel that indicates that in the 12 weeks to February 20 2011, the private label sector grew to account for 34% of money spent on groceries - the highest level ever recorded. Kantar also reports rapidly rising sales at the country's discount stores, which are benefiting from a move to lower-value formats. A drop in household income, following budget cuts and new taxes taking effect in January, has resulted in many Irish customers cutting back again on their groceries after the festive season.