2024 Kicks Off Strongly for M&S Food Business in the UK - NIQ Report

Wednesday, February 7, 2024

M&S food retail business saw strong sales growth at the start of the year, according to NIQ data

In the 12-week period ending January 27, M&S reported a substantial year-on-year sales growth of 11.6%, trailing only German-owned Lidl (which saw a sales increase of 13.2%).

Tesco and Sainsbury's reported sales growth of 6.9% and 8.4% respectively.

 Asda and Morrisons underperformed with lower sales growth rates compared to other supermarkets.

In the same period, total sales at all UK supermarkets rose by 6.6% compared to the previous year.

A silver lining for shoppers emerged as food inflation eased slightly to 6.1%, marking its lowest level since June 2022, according to NIQ's report.

NIQ saw a drop in promotional activity from 26% to 23%, but full-price sales stayed strong.

The share of online grocery sales in the overall grocery market held steady at 11.2%.

Retail sales were weak in January due to economic uncertainty.

NIQ's report offers early trends in the UK food retail market for 2024.

Competitors - A Closer Look at Sales Growth Rates

By comparing the sales growth rates of M&S with its competitors, we can gain a better understanding of the relative performance of each retailer in the market.

UK Food Retailers in 2024: Brace for escalating costs, adapt to evolving consumer trends, embrace technology, and explore new market opportunities.

Consumer preferences in grocery shopping are shaped by inflation and borrowing costs, providing essential information for market analysis.

UK food retail market trends compared to international counterparts, revealing insights into commonalities and distinctions.