Symbols and indies see sales boost

Sales of symbols and indies increased by 2.1% for the year to 1 October 2023, from £487 million to £497m, according to the latest figures from Kantar.

Symbols and indies also saw a share decrease from 1.6% to 1.5% across the year, despite the increase in sales.

Overall, grocery price inflation fell to 11% for four weeks to 1 October 2023, the lowest rate since July 2022.

Recent months have shown an ongoing decline in this, as in September’s grocery price inflation was at its lowest level in more than 12 months at 12.2%.  

Take-home grocery sales also increased by 9.1% for the four weeks to 1 October.

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Tom Steel, strategic insight director at Kantar, said although grocery price inflation is “very high”, the rate is continuing to fall.

“For the first time since last year, the prices of some staple foods are now dropping and that’s helping to bring down the wider inflation rate,” he said. “Dairy was one of the categories where costs really shot up last autumn but the average price paid for a 250g pack of butter is now 16 pence less than 12 months ago.”

In a sign that consumers are seeking discounted groceries, Steel added that promotions made up to a quarter of all sales in the latest 12-week period at 26.5%, the highest level since June 2022.

Branded promotion sales also hit their highest rate since January this year, responsible for category sales growth of 7.3% across a 12-week period, while own-label lines grew by 10.1%.

Recent data also reflected an increase in popularity for own-label lines, as software platform Vypr has found that 51% shoppers prefer own-label products to branded.

Steel added that sunnier weather saw volumes sales of particular products increase, including ice cream, burgers and dips rising +27%, 19% and 10% respectively compared to this time last year. 

Meanwhile, Co-op saw sales increase by 3.3%, from £1,916m to £1,1979m, since October 2022, and holds a market share of 6.1%. Last year, the chain revealed plans to triple its franchise stores and become the UK’s largest convenience retailer.