Shoppers ‘watching every penny' to make ends meet as Tesco warns on profits ➡️ Customers seek out smaller basket sizes, and shop less online, opting for frozen food over fresh as cost of living crisis bites
“Customers are seeking out the quality and value of our own-brand ranges as they work to make their money go further, whether they are switching from branded products, between categories or cutting back on eating out,” he said.
It is also benefiting from a scheme to price-match Aldi on some products, the popularity of its ‘clubcard prices’ programme and the size of its stores and online operations. Its price position versus Aldi and Lidl is “more competitive than it has ever been,” said Murphy, adding that Tesco had locked the prices of over 1,000 products until 2023.
Tesco reported a fall in profits to £1.24bn – down 10 per cent from a pandemic-boosted £1.38bn last year. Tesco added that “significant uncertainties” remained, especially in how consumers react to the cost of living crisis and inflation. “As we look to the second half, cost inflation remains significant, and it is too early to predict how customers will adapt to ongoing changes in the market,” said Mr Murphy.in again raising pay for its UK store staff. The minimum hourly rate will rise 20p to £10.30 from November 13 – the equivalent of an 8% rise this year.
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