Soups inflation in China stood at 3.150% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q4 2023, GlobalData monitored the pricing of 41 soups SKUs from companies such as Campbell’s, Continental and Kugi Foods that were sold by e-retailers. Buy the report here.
Pricing is crucial, especially in a challenging economic climate, as competitive pricing and price leadership impact consumers’ choices. GlobalData’s pricing analysis reveals that GZ Grocery offered lowest prices of the total SKUs within the soups category from October through December 2023, followed by RT-MART and Epermarket. According to the analysis, the price range of $5 and below was the most competitive, with 23 SKUs.
The chart below illustrates price leadership among the covered retailers which offer the highest number of low-priced products in the category. Of all retailers, GZ Grocery had greatest share of lowest prices for individual SKUs in soups in China in Q4 2023.
Analysis of the quarterly price data showed that RT-MART offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed chicken noodle and crab seafood as the most popular (by number of SKUs) soups variants. These were priced 32.09% higher than the average price of a soups SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were GZ Grocery, RT-MART, Epermarket, and . According to the analysis, RT-MART had the lowest average unit price, while the retailer with the widest product assortment was GZ Grocery.
The report brings attention to the intricate pricing dynamics within the soups market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, GZ Grocery, RT-MART and Epermarket stood out as prominent e-retailers, providing competitive pricing for a substantial number of soups SKUs. However, to comprehensively grasp soups market in China, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the China soups market, buy the report here.