For the European grocery industry, 2023 was a challenging year. Inflation led consumers to tighten their belts, leading to a drop in volume and significant downtrading. Discounters and private labels benefited from this market environment and were yet again the winners of the year. In 2024, we expect macroeconomic uncertainty to persist, but our research indicates the first small signs of recovery. While most consumer segments are still price sensitive and trading down, some segments show an increased appetite for high-quality and organic products.
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