It looks like a throwaway line, and I haven’t seen it reported elsewhere, but Tesco’s Terry Leahy is quoted in Sunday’s Observer as saying,

‘The long-term trend of declining spend on food [as a proportion of income] has stopped and we are seeing a significant and fundamental shift in priorities.’

This could represent a significant shift in assumptions about what happens to expenditure patterns as we get more affluent, away from the idea that the shift towards services (and experiences) is inexorable.

Advertisements