The recession is set to hit the supermarket industry hard, as cash-strapped customers become savvier with saving money on household goods by comparing prices in stores.
To keep people coming through the doors, Morrisons has just announced that it will reduce prices by an average of 23% on hundreds of products, starting today.
It’s all about everyday goods, such as fruit and vegetables, bread, rice and the two items that sold out almost everywhere during the start of lockdown – pasta and toilet roll.
Meat, poultry and cleaning products are also on the list.
And according to the supermarket’s chief executive, David Potts, these are not temporary discounts.
He said: ‘It’s been a tough year for many families who find themselves stretched.
‘To play our full part in feeding the nation, we’re cutting prices and holding them low to make our food more affordable for everyone.
‘These are not short-term promotions; these are price cuts that are here to stay.’
A spokesperson added that many of the products chosen would be those that are used to make children’s school meals, including the most popular of all: spaghetti bolognese.
But Morrisons isn’t the only supermarket to slash prices to retain its customers.
Asda recently revealed that it is investing £100million in lowering prices for thousands of products across food, baby and toy ranges, including its own label but also branded items.
‘We know that given the year it has been, saving money is more important than ever for our customers, which is why we’ve invested in rolling back the price of thousands of products this September and will keep doing so through the rest of 2020 and beyond,’ said Roger Burnley, CEO at Asda.
Meanwhile Sainsbury’s has frozen prices on 1,400 products, while Tesco has chosen a different route by pledging to make everyday items cheaper – but without presenting promotions.
For more tips on how to make your money last further, a mum has recently shared how she feeds her family of four at less than £1.50 per person.
You can also check out how another thrifty mum-of-two feeds her family for a month with just £47.
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