Almost all F&B manufacturers plan to put up prices to combat rising costs, according to a survey by IRI and the NZFGC.
The amount of money passing through grocery tills was up again in May, although fewer goods were sold and private label sales gained market share as consumers took action on inflation, according to IRI.
The latest four-week period sees accelerated dollar growth this year as inflation continues unabated.
But rising costs are forcing consumers to re-think how they spend, says IRI.
IRI’s Grocery Market Overview attributes price rises as the major driver behind February’s 5.8% increase in sales value.
F&B businesses should be over-investing in an omnichannel strategy to stay competitive in an increasingly digital environment, says the research consultancy.
There’s an F&B leader at the top of IRI’s latest list of FMCG manufacturers.
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