Shoppers tighten belts as grocery sales growth slows

Recent industry data indicates a slowdown in grocery sales growth, as consumers have become more cautious ahead of upcoming shopping events like Black Friday and Christmas. Market researcher NIQ reported a 4% increase in supermarket sales for the four weeks leading up to November 2, down from 4.7% in the previous period. Asda performed poorly, with a 3.5% sales decline and a loss of market share, a situation acknowledged by its chairman Stuart Rose. In contrast, online grocer Ocado and budget chain Lidl emerged as the fastest-growing retailers, while Tesco and Sainsbury's reported better sales and market share increases. Sainsbury's executives warned that upcoming tax changes will likely lead to price increases for consumers.