Thursday, July 25, 2024

NIQ Predicts Boost in UK Supermarket Sales from Euro 2024

NIQ predicts a boost in UK supermarket sales from Euro 2024! The return of warm weather in May was the biggest boost to sales at British supermarkets, with further growth expected due to the looming Euro 2024 soccer tournament, according to industry figures.

Market research firm NIQ reported a 3.3% increase in sales at UK supermarkets in the four weeks ended May 18 compared with the same period last year with This improvement was due to a short period of sky conditions heated up in the week ending May 11 in particular, spurring consumer spending.

The findings provide the most up-to-date insights into UK consumer behaviour, highlighting how external factors such as the weather can significantly impact shopping patterns Mike Watkins, head of UK retail and business insights at NIQ , explained that warmer weather has a bigger impact on consumer spending than on food inflation It is up, estimated to be around 3% over the next few months

Looking ahead, the Euro 2024 soccer tournament is expected to further boost supermarket sales. Watkins noted that survey data from the NIQ shows that at least 45% of UK households are interested in Euro 2024, of which 69% plan to watch the games alone or with family members

“This enthusiasm for Euro 2024 is likely to translate into increased sales of drinks, snacks and food suitable for event-related events such as barbecues,” Watkins said

Scheduled to take place in Germany from June 14 to July 14, the tournament will be hosted by both England and Scotland, likely to boost interest and associated consumer spending in the UK

But Watkins warned that year-on-year comparisons could be challenging as last June was the hottest on record in the UK, resulting in a major supermarket sale

In addition to general sales growth, the NIQ highlighted specific trends among UK grocers in the 12 weeks to 18 May. Online retailer Ocado emerged as the fastest growing grocer, with sales up 12.4% compared to the previous year. This growth saw discount supermarket Lidl grow by 9.0%, while Marks & Spencer grew by 7.6%.

Market leader Tesco recorded a 5.4% increase in sales, while Sainsbury’s, the UK’s second largest supermarket, grew 6.0% while third-place chain Asda struggled with a 2.7% increase in sales. Discounter Aldi also recorded a small increase of 0.7%, reflecting the competitive and volatile nature of the UK food market.

The combination of favorable weather and excitement around Euro 2024 is set for further growth in UK supermarkets Retailers can take advantage of these opportunities by promoting the right range of products and the increased consumer demand associated with these events.

Overall, the latest data highlights a range of factors that can influence consumer behavior and spending dynamics. As supermarkets navigate these trends, they continue to adapt their strategies to meet the evolving needs and wants of their customers.

For more information on how Euro 2024 will affect retail sales beyond the UK, see: Euro 2024 To Boost German Retail Sales By €3.8bn, HDE Says.
Read about: Co-Op Slashes Prices Of 54 Fresh Fruits And Vegetables

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