5 Key Consumer Trends Shaping Grocery in 2024
Essential insights from NIQ's comprehensive analysis of changing consumer behaviors and market dynamics
The grocery industry is undergoing unprecedented transformation as inflation drives fundamental shifts in consumer behavior. Private labels are capturing 5% of dollar share with year-over-year growth as retailers invest heavily in quality improvements, forcing national brands to compete on more than just price. While 95% of consumers actively try to live sustainably, 26% struggle to find eco-friendly products online, presenting massive opportunities for brands to enhance discoverability. Value retailers are experiencing explosive growth as premium brands lose ground to less-expensive alternatives, while promotional sales reach 30.7% of Dry Grocery volume—yet nearly 50% of these promotions represent missed revenue as sales would have occurred anyway. Most significantly, online sales are outpacing in-store growth by 3x, reaching 17.3% of total sales, with grocery presenting the largest untapped opportunity for digital expansion among all retail categories.
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5 Key Consumer Trends Shaping Grocery: Comprehensive Market Analysis and Consumer Insights
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