31 May 2023 , 19:08
558
0
Sales of supermarket own-label products are growing at double the rate of branded versions due to the cost-of-living crisis, a study found.
Growth of own-label goods is up 14% this year compared with a 7% rise for branded products.
Market research group NIQ found own-labels now account for 63% of all packaged consumer goods – up from 62.1% last year and covering everything from soft drinks to baked products, dairy, meat, toilet paper and soap.
NIQ said “inflation and cost-of-living are still top of the minds of shoppers” but added the Coronation of King Charles boosted takings as we splashed out to celebrate.
There was a 17% lift in sales in the week of the ceremony, which helped the four weeks to May 20 rise by 12%.
Teachers, civil servants and train drivers walk out in biggest strike in decade
Shoppers are increasingly looking to make savings when they shop (Getty Images)NIQ’s Mike Watkins said: “Inflation has been a drag on shopper spend this year. Incremental sales are reliant on a short-term boost from well-activated events, rather than promotional activity.
"This will have helped many prioritise spending for the Coronation.”
Elsewhere, the cost-of-living crisis helped discount chain B&M grow its sales every month since June 2022, according to chief executive Alejandro Russo.