SHOPPERS in Spain spent €117 billion last year on basic foods and goods with more of them turning to supermarket ‘own’ brands.
Mercadona, Lidl, and Consum were the main beneficiaries of the trend in 2023 as buyers look to fight rising food costs- prompting Carrefour to announce 500 ‘permanent’ price cuts.
Last year’s shopping basket spend was 10% more than in 2022, as prices spiralled mainly as result of the Ukraine war.
The study by consulting firm NielsenIQ says that a shopping basket of basic items that came in at €100 in 2019, now costs over €126.
Mercadona (27.6%, up 0.6 points), Lidl (6.1%, up 0.2) and Consum (3.7%, up 0.2) are the three supermarket chains that gained the most market share last year.
Meanwhile, Dia and Carrefour lost share, the former lost four tenths (up 4.8%) and the French group one tenth (up 7.5%).
In a possible response to those figures and what its rivals are doing with their ‘own’ brand products, Carrefour has announced that it will permanently lower the price of about 500 ‘own’ label products, with some items costing 13% less.
Among the 500 goods that will be discounted are food, beveridges, drug-store products, perfumery, and baby products- all of which are amongst the best sellers.
Carrefour stressed that the price cuts will be addition to other savings already in operation in its stores.
Price increases have prompted consumers to adopt different strategies to manage their spending, according to the NielsenIQ study.
93% of people have changed their buying behaviour to save money by going for ‘own’ brands and seeking out promotions.
Households are also shopping 8% more often because they put fewer items in the basket (6.5% less)- perhaps keeping their options open to pop into a store if they hear about any special offers.
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