The Coles Group Ltd (ASX: COL) share price struggled through September, dumping 6.4% over the month.
But with broker sentiment appearing positive on the stock, could October bring better days?
At the time of writing, the Coles share price is $16.41, 0.97% lower than its previous close.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 0.1%. The index also slumped 7.3% in September, which is generally the market's worst month.
Let's take a look at what the future might hold for the ASX 200 supermarket favourite.
What might the future hold for the Coles share price?
The near future of the Coles share price looks bright, according to some experts.
Morgans, for one, is tipping a 21.7% upside on the supermarket stock, slapping Coles shares with an add rating and a $20 price target, as my Fool colleague James reports.
The broker likes the company's recently announced plan to sell Coles Express for $300 million.
It says the move will "free up significant balance sheet capacity" and allow the company to focus on its supermarkets and liquor businesses, continuing:
[W]e think [this] is the right strategy as competition is likely to remain intense on the back of higher inflation, rising interest rates, and increasing cost-of-living pressures for customers.
Of course, the company is an S&P/ASX 200 Consumer Staples Index (ASX: XSJ) constituent. Meaning, it's regarded as better off than most amid tough times as consumers can't simply stop spending on food.
However, new data shows Australians did, indeed, slow their supermarket spending last month.
The Beforepay Group Ltd (ASX: B4P) Cost of Living Index, which summarises the spending of more than 300,000 Aussies, found daily spending on groceries dropped 19% month on month to $15.20 a day in September.
If such trends continue, it could weigh on the supermarket operator's bottom line.
However, Seneca investment advisor Arthur Garipoli, who is neither bullish nor bearish on Coles shares, believes tightening purse strings won't prove too large an obstacle for the company, telling The Bull:
In a higher interest rate environment, Coles can be sufficiently agile to appeal to shoppers by ensuring affordable prices.
