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UK supermarket sales rise 5.4%, NIQ market researcher says
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LONDON (Reuters) – British supermarket total sales rose by 5.4% year-over-year in the four weeks to March 23 as slowing inflation encouraged shoppers to increase their purchases, industry data showed on Wednesday.
LONDON (Reuters) – British supermarket total sales rose by 5.4% year-over-year in the four weeks to March 23 as slowing inflation encouraged shoppers to increase their purchases, industry data showed on Wednesday.
The increase was slightly stronger than the 5.3% rise reported a month earlier, market researcher NIQ said.
Mike Watkins, NIQ’s UK head of retailer and business insight, said a fall in food prices in March and competition amongst the supermarkets boosted sales.
“However, overall consumer spend remains under pressure as many household bills continue to increase above (inflation) and this is reflected in the continued weak consumer confidence,” he said.
(Reporting by Paul Sandle; Writing by William Schomberg; Editing by Sachin Ravikumar)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured as an annual percentage increase.
Supermarket sales refer to the total revenue generated by grocery stores and supermarkets from the sale of food and non-food items over a specific period.
Consumer confidence is an economic indicator that measures how optimistic or pessimistic consumers are regarding their expected financial situation and the overall economy.
Market research involves the systematic gathering, recording, and analyzing of data about customers, competitors, and the market to inform business decisions.
Year-over-year growth compares a company's current performance to the same period from the previous year, often expressed as a percentage increase or decrease.
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