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The food market has come to a standstill. Shopping has stopped growing
Inflation and the Food Market
The growth of the food market in Poland in 2023 was mainly driven by inflation, which contributed to a slight decline in its value in real terms. Experts from PMR Market Experts forecast a stable growth in the value of the market at the level of 5% nominally on average per year in the years 2024-2029. This is possible thanks to falling inflation and an increase in the disposable income of Poles (among others, thanks to the improvement in the condition of the labor market and the implementation of post-election programs).
Changes in consumer behavior
In the previous edition of the report (2023), as many as 82% of Poles admitted that price increases limit their purchases. In 2024, this percentage dropped by 10 percentage points. Consumers are increasingly less likely to look for cheaper substitutes and promotions.
– We decided to investigate what strategies Poles use to save money when shopping. Around 42% of shoppers admitted that they are looking for cheaper substitutes for products, and 47% are actively looking for promotions. Compared to 2023, these percentages fell by 11 percentage points, which shows that inflation is having less and less of an impact on consumers' purchasing decisions – says Agnieszka Skonieczna, Retail & Pharma Business Unit Director at PMR Market Experts.
The most frequently indicated product group on which Poles decide to reduce their spending is food delivery and going out. More than half are limiting their purchases of alcohol and stimulants.
Factors influencing consumer choices
The key factors for consumers deciding where to buy food products have remained unchanged over the last few years. The five most important include: fresh, high-quality goods, a wide range of products, cleanliness in the facility, convenient location and low prices.
Despite positive changes, there are still many risks related to inflation in Poland that may affect the further development of the food market. High core inflation, decisions on interest rates, the cost of raw materials and regulatory factors may further prolong the process of price stabilization.
