Supermarkets slash cost of basics in price battle to help the jobless this festive season as coronavirus-linked unemployment rises
- Waitrose say it will cut prices of 200 own-label products by an average of 15%
- Meanwhile, Co-op is set to launch an ‘honest value’ range with up to 50 products
- It follows similar efforts by supermarkets, including Tesco and Asda, as the country braces itself for a tough Christmas as Covid-linked unemployment rises
Waitrose and the Co-op are slashing prices as shoppers prepare for what is likely to be a tough Christmas.
The two supermarkets are reacting to moves by larger rivals such as Tesco to reduce prices as unemployment rises.
Waitrose yesterday said it will cut the price of 200 own-label products by an average of just over 15 per cent.
A 450g packet of thin pork loin steaks will be cut from £5 to £2.50, and a bottle of clear honey from £2.25 to £1.60. Frozen leaf spinach will drop from £1.60 to £1.20 and a savoy cabbage from 85p to 65p.
The supermarket, owned by the John Lewis Partnership, said sales of its basic ‘Essentials’ range were up by 10 per cent.
Waitrose and Co-op are to slash grocery prices as the country braces itself for a tough Christmas period. Waitrose said it will cut prices of 200 own-label produces by up to 15%
The Co-op will launch an ‘honest value’ range, which will include 50 items, including meat, fruit and vegetables.
The chain, which has 2,600 outlets, will also reduce prices on 300 products, handing savings of £50million to its customers.
‘Shoppers are looking for value for essential products,’ said a spokesman.
James Bailey, executive director at Waitrose, said: ‘This year has been incredibly challenging for consumers and we know times are tough for many, so we’re reducing prices to provide our customers with great value on the items they buy most.’
The Coop will launch an entirely new ‘honest value’ range, which will include 50 items, including meat, fruit and vegetables.
The supermarket, which has 2,600 outlets, will also reduce prices on 300 products, handing savings of £50million to its customers.
Jo Whitfield, Co-op Food chief executive, said: ‘Value is uppermost in the minds of shoppers.’ The grocer added: ‘The economic uncertainty means shoppers are looking for value for essential everyday products.’
Waitrose and Co-Op are following suit after Tesco has pledged to match 500 of its most popular items with Aldi while Asda promised cut £100 million off prices in coming months
Tesco has pledged to match 500 of its most popular items with Aldi, Sainsbury’s cut the price of 1,000 products and Morrisons slashed prices on 400 items in September by more than a fifth on average.
Asda promised to cut £100m of prices and brought the ‘pocket tap’ Asda price adverts back 43 years after they were first shown.
The ‘big four’ are trying to avoid handing German discounters Aldi and Lidl an advantage. After the last recession they boomed and stole market share from their rivals, allowing them to take £1 in every £7 spent in UK supermarkets today.
Food inflation has halved in four months to 1.9 per cent as the battle to keep prices down hots up ahead of the crucial Christmas period.