Italians remain anxious while wallets are feeling full again and reaching pre-pandemic levels, according to the Coop 2024 Report which provides a comprehensive overview of Italian consumer trends.
The food industry is seeing recovery after a challenging period of high prices, according to the study.
Inflation is expected to return to zero in 2024, and mass consumption volumes are showing positive growth for the first time in four years.
Sales in supermarkets and self-service stores were 3.9% higher in the first half of 2024 compared to 2019.
Food is the only category where Italians are not looking to cut spending, with 21% planning to increase their expenditure and only 10% intending to decrease it.
Shopping Trends
Private-label brands and discount stores are thriving. In the first half of 2024, private label brands accounted for 38.2% of total market sales by volume, increasing by 2.2% in value and 2.4% in volume, outperforming branded products (-0.5% and -2.2%).
Meanwhile, discount stores have continued to expand, reaching a market share of 23%, up from 19% in 2019.
Italians are prioritising savings when making purchases, cutting back on unnecessary spending, and focusing on essentials.
However, compared to other European countries, Italians are more likely to pay a premium for healthy food, highlighting their commitment to healthy eating.
Read more: Coop Italia Adds Over 5,000 Private Label Products in Past Two Years
While the Mediterranean diet remains popular among one-third of those polled, plant-based diets are gaining ground, and organic food is regaining popularity despite previous challenges due to high costs.
Despite facing previous challenges, organic products are making a comeback in Italian households. Nearly 25 million families now buy organic, and 9.6 million more plan to increase their purchases.
Younger generations are leading the charge, combining focus on affordability with a preference for environmentally friendly options.
Overall Consumption Weak
The recent stabilisation of consumer goods volumes is positive, but the overall consumption picture remains weak and unpredictable.
While inflation seems to be easing, prices are still 20% higher than in 2021. To support sales and compete with other brands and channels, retailers are increasing promotional activities.
According to the general manager of Coop Italia, Domenico Brisigotti, Coop is consolidating its path with the growth of its private label, which in grocery alone has increased its share by a further 2 points towards 2023, reaching 32%.
