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The UK's economic outlook has started
to improve, with GDP no longer expected to be in negative growth in the
first half of 2023. However, subdued growth is predicted for the first
half of the year, and inflation remains high, with continued pressure
on household spending power, which in turn weakens consumer confidence.
But how is this affecting the Food to Go sector? Here are some key
highlights:
- The
sector's recovery has been slow due to train strikes, political
turbulence, and pressure on household spending power in 2022. Tube
and national route travel only averaged around 75% of 2019
volumes, while penetration increased by just +0.7 percentage
points, and frequency was down by -2% YoY.
- Inflation
has forced operators to increase prices, resulting in a +12%
increase in average spend on Food to Go. This is due to cost
pressures, which have led operators to raise their price points.
- Looking
ahead, we expect an improvement in the second half of the year as
energy prices fall, which should help to push down inflation and
strengthen consumer confidence.
Data sources:
Food
To Go Market Report 2023 - a comprehensive resource for your
success in the UK food to go market.
Eating
and Drinking Out Panel - consumer insight and data solution
with coverage across the total out of home channel.
Convenience
Tracking Programme - convenience market trends & forecast,
shopper segmentation, demographics, purchase decision hierarchies,
detailed by category and retailer.
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