Shopper confidence has once again plummeted in the last month, taking it to record lows, according to the latest Shopper Confidence Index from IGD Shoppervista.
March’s Index score fell from -18 in February to -23, despite a slight peak mid-month when it looked like oil prices may come down. Financial confidence in particular dropped to a score below the previous low during the initial pandemic phase in April 2020.
March 2022 results
- Half of shoppers now expect food prices to be ‘much more expensive’ in the year ahead, a rise from 12% a year ago
- London’s shopper confidence went from the highest to lowest of all regions, dropping from -15 to -25 in the month
- Confidence amongst 18-34-year-olds dropped fastest this month, with older age groups ‘bottoming out’
- Focus on saving money has grown, with a net difference of 27% more shoppers now focused on saving vs buying quality
Rhian Thomas, head of shopper insight at IGD ShopperVista, said: “Shoppers are rightly concerned about prices increasing and beginning to shift their focus to saving money. This will obviously have an effect on the way they shop, so it goes without saying that businesses should be focusing on their value proposition and how they can support shoppers during this period.
“One positive from this is that trust in the industry remains strong – shoppers are aware that these challenges are external pressures, rather than industry-driven, so there is an opportunity to engage with shoppers during these turbulent times.”
IGD subscribers can access the full Shopper Confidence Index report here.