When Morrisons announced that it would invest £1bn cutting prices over the next three years it sparked an increase in high profile price marketing campaigns by the UK’s big grocers.
Tesco, Asda, Sainsbury’s and Morrisons have [uk]focussed[/uk][other]focused[/other] on everyday low pricing and price promise guarantees over the past few years, trying to win cash-strapped customers as the economy turned down and the volume of food bought fell for the first time in living memory.
Asda has launched a new campaign on everyday items with a 4 for £5 multibuy promotion. The campaign follows Morrisons’ ‘I’m cheaper’ initiative, which was introduced earlier in May.
The average price of these lines moved from £2.20 to £1.25 between 7th and 8th May in Asda while the average depth of cut was £1.08. There are 22 exact or equivalent products in the basket of goods for each retailer.
Eight of the 22 products sit within Ready to Eat Cereal and Hot Cereal, with a further four sitting within Cooking Sauces.