It's tempting to look at inflation, promotions and grocery spending and talk about "the consumer."
But European shoppers are moving in different directions.
McKinsey's latest State of Grocery Europe research shows that the proportion of shoppers actively seeking promotions has fallen from 44% in 2023 to 37% in 2026.
Look beneath that headline, however, and something interesting appears.
Medium- and higher-income consumers have become progressively less focused on price and promotions.
Among lower-income consumers, the intention to seek promotions has actually increased.
At the same time, interest in premium and higher-quality food is recovering.
Same market.
Very different household realities.
That's an important reminder for retail marketers.
A national promotion may reach millions of households.
But those households won't interpret "value" in the same way.
For one shopper, value might mean the lowest possible price.
For another, better quality for a little more.
For another, convenience.
For another, a promotion on something they already love.
Perhaps the future of value communication isn't about shouting the same offer more loudly.
It's about understanding what value means to different households.
Because there may no longer be one value shopper.
There are millions of them.