Latest research from IRI SalesOut revealed that a shift in consumer habits and attitudes has contributed to significant growth within the Out of Home (OOH) market. Its data and insight has found that although the OOH market isn’t quite back to pre-pandemic levels, and despite the market being down by -4% versus 2019, it was valued at £49.9bn in consumer spend as of November 2022 and grew by an impressive 19% against the same time in 2021.
IRI SalesOut is looking to help wholesalers, suppliers and partners navigate and understand the ever-changing OOH market and support them in identifying areas of opportunity through its latest findings. Marcus Vallance, Head of Wholesale and Foodservice at IRI explains: “The key to success is having a clear understanding of consumer habits and our data allows businesses to spot the trends and provides wholesalers with a complete picture of the OOH market.
“Despite the many challenges wholesalers must be facing as the cost-of-living crisis continues, this data reflects the positive growth and the potential opportunity within the OOH market and therefore, wholesalers should have the confidence to invest in stock and retain staff.”
Findings have also revealed that on-premise dining has seen a huge resurgence, with growth of 54% in consumer spend compared with the same time last year. By year to date November 2022, dinner has emerged as the dominant daypart in OOH – representing 41% of overall share of OOH trade in consumer spend (up from 38% pre-pandemic) and growing in both the short and longer term. To benefit from this increased demand, wholesalers should look to offer bundle deals or quantity-based discounts to customers to help maximise sales and encourage customers to make larger bulk purchases.
Vallance continues, “Of all the industries that have been affected by Covid, the OOH market has been one of the hardest hit, with many wholesalers having to quickly adapt their ranges to cater for this. We know that click and collect and delivery both grew significantly since the emergence of the pandemic, however, this has since slowed its growth in year-to-date 2022. In terms of consumer spend, the channels have declined by -14% and -15% respectively since last year however, we as consumers are spending 45% more in the delivery market than we were vs 2019.
“Our services are designed to help wholesalers visualise data and provide insight that will deliver business growth. Whether you want to track distribution, understand sales performance, or identify new ways to grow sales, SalesOut can help.”
For more information, please contact: Salesout.Supplier@IRIworldwide.com
Source: The NPD Group/CREST® YE November 2022