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More than half of UK consumer spend made in supermarkets
SUPERMARKETS’ slice of consumer spending has dramatically increased during the last decade as consumers spend less on the high street.
Around 58p in every pound spent in the retail sector goes to supermarkets such as Tesco and Sainsbury’s, up from 46p a decade ago, according to data from the Payments Council, the payments services watchdog.
Their growth has come at the expense of high street retailers including homeware shops, which have seen spend fall by nearly half.
Sainsbury’s also revealed yesterday that annual sales in its general merchandise business hit £1bn for the first time, with non- food sales – including homewares, clothes and cookware – growing at three times the rate of food.