Supermarket sales grew 9.1% in the first four months of 2023 but volumes fell by 3.5% in the same period, a report by NielsenIQ said on Tuesday. The report said that foods/beverages (8.9%) and packaged foods (9.3%) led the sales growth in the January-April period. NielsenIQ said that 68% of consumers are cutting back on extra spending and luxuries, focusing only on basic items, while one in three said they choose cheaper products. Private label products continued to rise, reaching a historic high market share of 25%. However, despite the fact that private label product prices have more than doubled compared with brand product prices, they managed to maintain sales volumes without suffering any losses, the report added.
Supermarket sales up 9.1%, volumes down 3.5% in Jan-April
