The price of groceries has jumped by just under 17 per cent over the last 12 months, with the spike set to cost consumers more than €1,200 if spread over the course of the year ahead.
The latest figures from Kantar paint a grim picture of the worsening cost-of-living crisis across the State’s supermarkets, with shoppers increasingly looking to own-brand and value ranges to save money.
The sale of products under supermarket names was said to be up 13.5 per cent compared with a 6.2 per cent increase in branded products.
The cheapest, “value” own-label products saw the strongest growth, climbing 34 per cent year on year, with shoppers spending €18 million more on these ranges.
In a country of such staggering wealth, no one should have to queue for free food
Those who missed out on Capuchin Christmas food hampers will be ‘looked after’, says chief executive
Tips for avoiding a January credit-card hangover
‘A dead end’: A reader’s struggle for a €950 refund after Ryanair’s cancelled flights ‘glitch’
Own label now holds a higher value share than brands – 47.3 per cent compared to 47 per cent.
Take-home grocery sales in Ireland increased in the four weeks to March 19th, with the value of the sales up by 13.3 per cent as the average price per pack increased by 13.8 per cent.
“March was a busy month for Irish consumers, with plenty of events and opportunities to celebrate,” said Kantar’s senior retail analyst Emer Healy. “We also welcomed longer, brighter days so we saw shoppers visiting stores more often.”
She said that while the value of sales was up significantly, grocery price inflation is still the driving factor rather than just increased spending. “Grocery inflation continues to rise and now stands at 16.8 per cent, with the annual grocery bill set to rise by €1,211 if consumers don’t make changes to their shopping habits.”
'We have a lot of eggs in few baskets' - does the positive outlook conceal threats to our economy?
In the 12 weeks to the middle of March, take-home grocery sales increased by 9.5 per cent, contributing an additional €268 million to the overall market performance, as shoppers returned to stores more often.
“Consumers are opting to shop little and often to help manage their household budgets,” Ms Healy said.
Irish shoppers took advantage of St Patrick’s Day falling on a Friday this year, which saw a 10.4 per cent boost to sales in March.
Sales of Guinness were up 6.7 per cent, equating to an additional €623,000, with one in 10 Irish households purchasing the beverage in March.
With many tuning in to watch Ireland win the rugby Grand Slam at home, Irish supporters also consumed more savoury snacks and soft drinks, with sales hitting €3.5 million and €4.4 million respectively.
[ Fuel tax reduction costs exchequer more than €1bnOpens in new window ]
March also saw shoppers stocking up on Easter essentials, adding an additional 20 per cent on sales of Easter chocolate. Large eggs proved to be most popular, with sales up 86 per cent year on year.
Online sales also remained strong over the 12-week period, up 2.6 per cent, with shoppers spending an additional €3.9 million online year on year.
Dunnes Stores holds the highest share among all retailers, at 23.2 per cent, with growth of 13.4 per cent year on year. Tesco holds 22.1 per cent of the market with growth of 13.6 per cent, while SuperValu was said to have 20.6 per cent of the market, up 4.2 per cent. Lidl holds 13.3 per cent share and growth of 11.7 per cent while Aldi was on 12.3 per cent, up 9.1 per cent when compared with last year.
