IRI®, a global leader in innovative solutions and services for consumer, retail and media companies, today released the IRI CPG Demand Index™, a proprietary metric measuring weekly changes in consumer purchases, by dollar sales, against the year-ago period across departments, categories and retail formats. Leveraging the full power of IRI’s unparalleled data assets, including daily sales data reported from 12 major chains’ daily point-of-sale and e-commerce transactions nationwide, as well as a fully automated forecasting solution, the IRI CPG Demand Index is poised to be the industry’s standard metric for tracking changes in consumer spending on CPG amid the COVID-19 pandemic and beyond martech news.
“The COVID-19 pandemic has completely changed consumer behavior and spending, creating significant challenges for CPG companies seeking to appropriately allocate their resources and effectively meet consumer demand,” said Dr. Krishnakumar (KK) S. Davey, president of Strategic Analytics for IRI. “The IRI CPG Demand Index helps CPG retailers and manufacturers get a quick read on CPG demand and benchmark their performance against the market. Access to an up-to-date, accurate and standardized demand measure is more critical now than ever before, as historical trends provide limited guidance to current demand during these unprecedented times. The landmark IRI CPG Demand Index is powered by a daily stream of verified point-of-sale and e-commerce data, enabling companies across the CPG ecosystem to contextualize changes in demand and leverage that information to develop actionable insights and enhance supply chain effectiveness.”
The IRI CPG Demand Index is available on IRI’s website and updated daily with the latest figures representing weekly dollar sales demand for CPG product departments, categories and formats. Measured channels represented in the Index include convenience and multi-outlets (food, drug, mass, club, dollar and military), including click-and-collect orders for all brick-and-mortar stores, as well as delivery services like Instacart. The IRI CPG Demand Index also includes insights into changes in weekly dollar sales by U.S. state and region as well as changes in basket size (the number of items the shopper purchases) and trip frequency (how often the shopper makes a purchase in a store or for online orders picked up at the store), with projections updated on weekly basis.
