British baker and fast food chain Greggs is not yet seeing any changes in customer purchases that would reflect the growing pressure on disposable incomes in the country, its boss said on Monday.
"We're watching our sales like a hawk to see if we can see any sign of customers changing their behaviour in the way they shop with us and the answer is 'no, not yet'," Roger Whiteside, chief executive told Reuters.
"We're not seeing a change in what they're buying within Greggs to reflect the pressure on disposable incomes but we are aware of the fact that they must be under pressure," he said.
Britons Shopping Behaviour
Elsewhere, there is evidence that cash-strapped Britons are eating out less, cutting back on meat, fish and alcohol purchases at supermarkets, buying more cheaper own-brand food, reducing car journeys, and cancelling subscription streaming services such as Netflix and repair warranties on domestic appliances.
On the 5 May, Market researcher NielsenIQ said, volume sales of meat, fish and poultry fell 13% in the four weeks to 23 April year-on-year, a period that included the Easter holiday, and fell 7.8% year-on-year on a value basis, indicating that UK shoppers are moderating their purchasing in this category.
Whiteside said it might be that consumers are switching into Greggs because of its value offer.
He said the retailer had not increased prices since January, apart from implementing changes to VAT relief.