Symbols and indies see year-on-year sales drop

Symbols and independents saw a -0.8% drop in sales year on year, despite grocery price inflation standing at 4.5% for the four-week period ending 17 March 2024, the lowest level since February 2022.

The category’s performance reflects the news that 23% of British households, surveyed by Kantar, identified themselves as struggling financially – the same proportion as reported in November last year.

Kantar also found that symbols and independents was the only grocer category to see a drop aside from Co-op (-0.4%) and other multiples (-0.7%).

Other major retailers, such as Tesco and Sainsbury’s, benefitted from overall take-home grocery sales rising by 4.6% over the four weeks to 17 March, while sales of seasonal Easter treats in the first three months of 2024 up by £88m compared to the same period last year.

Fraser McKevitt, head of retail and consumer insight at Kantar, said: “With Easter on the horizon, consumers have been stocking up on classic seasonal treats, with a quarter of people picking up four or more items when buying chocolate eggs.  This rises to 29% for shoppers aged over 65.  People in Wales and the north of England are among the biggest spenders, shelling out £14.18 and £13.84 on Easter eggs on average respectively in the past three months. Volume sales of hot cross buns are also up by 15% versus last year.”

Ocado was the fastest growing retailer this month, benefitting from a sustained voucher campaign which helped it attract customers.

McKevitt continued: “Grocery inflation has come down significantly since hitting an eye-watering peak of 17% in March 2023.  However, despite this continued slowdown, many British households are still feeling the squeeze.”

Shoppers remain on the hunt for value and among those feeling most pressured, 78% are actively buying cheaper groceries while 68% are using promotions to help manage budgets.  Retailers appear to be responding in kind, with the emphasis on discounts and price match schemes continuing this period, said Kantar. 

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