U.K. grocery sales to increase by 17% by 2016 to £184B, up from £156.8B in 2011; online sales will grow the fastest, with sales poised to nearly double to £11.2B, says Institute of Grocery Distribution
December 5, 2011
– According to a survey by the Institute of Grocery Distribution, U. K. grocery sales will increase by 17% to 2016 to £184B ($287 billion), up from £156.8B in 2011, Bloomberg reported on Dec. 4.
The IGD further estimated that online sales will grow the fastest, with sales forecast nearly double to 11.2 billion pounds.
By 2016, IGD projects that the convenience store market will grow by £42.2 billion by 2016, an increase of roughly 26%.
Sales at discounters will rise to £11.4 billion by 2016, according to the IGD’s projection.
Joanne Denney-Finch, CEO of IGD, said, “We still buy most of our groceries at supermarkets and hypermarkets, but we are also using different types of stores more often, such as online and convenience.”
She added, “Despite the extraordinary economic climate and the ongoing uncertainty caused by the eurozone crisis, there are a number of exceptional events in 2012 that could provide opportunities for growth, [such as the 2012 European soccer championships, the London Olympics and the Queen Elizabeth II’s Diamond Jubilee,]”
The primary source of this article is Bloomberg, New York, New York, on Dec. 4, 2011.