FOODIES BITE BACK: SPENDING ON GOURMET FOOD SURGES AS BRITS TIRE OF BEING THRIFTY

December 9th, 2009

Sales of luxury food, such as the supermarkets’ premium ranges, steak, smoked salmon and champagne, grew more quickly over the past quarter (17%) than at any other time in the past two years, as shoppers tire of the being thrifty in the credit crunch.*

Analysis of shopping data by mySupermarket.co.uk, the grocery shopping and comparison website, reveals that the average shopper is now buying 4.7 luxury food items per weekly shop, compared with an average of only 4 luxury treats per weekly shop between June and September 2009.

Shoppers are now allowing themselves to indulge in more of their favourite sweet treats again, with sales of premium ice cream and cake up by 72% and 74% respectively over the past three months. Meat-lovers are also buying more premium cuts of steak, with average sales of fillet and sirloin steak up by 29% on the previous quarter. Shoppers are also trading up to the supermarkets’ own-brand premium ranges, such as Tesco Finest, Asda Extra Special and Sainsbury’s Taste the Difference, with average sales up by 6% on June-September 2009.

This resurgence of spending on luxury foods follows 2 years of declining sales of premium foods, as shoppers reigned in their spending on foodie treats throughout the credit crunch. The average shopper was buying 5.2 luxury food and drink products per weekly shop back in January 2008 before plummeting to rock bottom in the middle part of this year.

Jonny Steel, spokesperson for mySupermarket.co.uk commented: “The jump in sales of luxury food suggests that consumer confidence is on the rise again, as people are feeling more comfortable splashing out at the supermarket. This follows a difficult period of more constrained spending. We would expect sales of premium food to pick up in the run-up to Christmas, but the increase in sales this year is much larger than it was last year. Whether the recession is drawing to a close or not, this trend suggests that consumers are at least starting to spend more freely once again.

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