British consumers will maintain a focus on value in 2023 as they continue to battle inflation, the boss of the country’s biggest retailer Tesco (TSCO.L) said on Thursday.
“The consumer trends that we would expect to see continue in 2023 is that (shoppers) will continue to look for competitive prices and value very closely,” Chief Executive Ken Murphy told reporters after Tesco reported results for its 2022-23 year.
Consumers would also continue the measures they took last year to economise when the cost-of-living crisis kicked in.
“The trend of them having more staycations (and) eating in more often will continue and persist through the summer,” he said.
He added that he expected consumers to continue trading down to less expensive meat, such as chicken instead of beef, and doing more batch cooking.
Source : Reuters
