IGD has said that the convenience channel in the UK is poised to grow by close to 18% over the next five years, to be valued at £47.1 billion.
The research was revealed to coincide with the IGD Convenience Retailing Summit, which takes place in London today, and follows data that indicates that more than nine out of ten UK grocery shoppers (91%) visited a convenience store in the month of April.
The research found that almost three in five (57%) consumers said they choose to shop in convenience stores because they are 'quicker to get around,' IGD said.
In addition, more than half (54%) of post-millennials (18-25-year-olds born between 1992 and 1999), while two in five (40%) of over-25s claim to shop in their nearest neighbourhood store to save time, even if the cost is a little extra.
“Not only do our channel forecasts, released today, predict that convenience will be one of the top three UK growth channels alongside online and discount, but our shopper data also demonstrates just how many shoppers are visiting these stores," said Michael Freedman, IGD shopper insight manager.
"Busier lifestyles mean shoppers are always looking for ways to save time, and smaller stores with fewer items can help them do this. Post-millennials are particularly engaged with the convenience channel because of their preference for shopping little and often."
The research also indicates that convenience stores should invest more in branded ranges, with 46% of post-millennial shoppers saying they are loyal to well-known household brands to product quality, and two in five (39%) said brand name is the top attribute they use to determine the quality of a product in convenience stores.
"Branded suppliers and retailers should collaborate to ensure they’re offering shoppers the right mix of branded and private label goods," said Freedman.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine