Waitrose – Food & Drink Report, 2023-24

Waitrose's annual report highlights that in a year of high inflation, price-conscious households are drawn to familiar comfort dishes like shepherd's pie. The report also states that shoppers are prioritizing their gut health by adding protein-rich foods to their baskets, as well as purchasing a record amount of alcohol-free and low-alcohol drinks. The dominating issue throughout the year has been food price inflation, which has changed people's shopping and eating habits. Price-conscious customers have been searching for better value by switching to own-label products, buying larger pack sizes, and looking for promotions to save money. They have also been simplifying their meal choices and opting for familiar and comforting foods and recipes. Even when buying international cuisines like the Japan Menyū range, customers still choose well-known classic dishes. Waitrose has invested £100 million to lower prices without compromising on quality or values and has offered a record number of meal deals. People have changed how they celebrate, saving trips to restaurants for special occasions and relying more on Waitrose for events like the Coronation in May and holidays like Valentine's Day, Mother's Day, and Easter. As customers have shown a growing interest in the impact of food and drink on their bodies, there has been an increase in reading product labels, sales of low- and no-alcohol drinks, and a reduction in red meat consumption. Customers are also looking for outstanding quality and ethically sourced products, with higher animal welfare labels being a deciding factor for many. Waitrose aims to maintain the highest animal welfare standards and become net-zero by 2035 by implementing environmentally friendly initiatives such as using aluminum cans for small wine bottles and practicing regenerative farming at their Hampshire farm. The report concludes with a commitment to ensuring that everyone who shops at Waitrose can continue to enjoy good food and drink.