Supermarkets see rise in turnover, drop in sales volume

Supermarket sales grew 9.1% in the first four months of 2023 but volumes fell by 3.5% in the same period, a report by NielsenIQ said on Tuesday.

The report said that foods/beverages (8.9%) and packaged foods (9.3%) led the sales growth in the January-April period.

NielsenIQ added that 68% of consumers are cutting back on extra spending and luxuries, focusing only on basic items, while one in three said they choose cheaper products. Private label products continued to rise, reaching a historic high market share of 25%.

Although private label product saw their prices soar too, they managed to maintain sales volumes without suffering losses.