The big grocers are responding to a potential fall in January consumer spending with widespread discounting.
Tesco has revealed a third wave of its price cutting campaign with its Big New Year Price Drop and Morrisons has launched the Great British Price Drop in stores today in anticipation of shoppers cutting back.
Sainsbury’s has hailed the success of its Brand Match voucher promotion scheme after revealing it has issued over 45 million coupons since launch in October 2011.
Morrisons has cut the price of key groceries by half alongside “thousands” of other price cuts and is running a competition for consumers to win free shopping every day in each of its 471 stores until the end of January. The grocer will also launch its new M Savers value range this month.
The campaign will be backed by in-store point-of-sale advertising and a dedicated TV advert launched yesterday.
Tesco has slashed the price of 350 staple products including cornflakes, carrots and lasagne as part of the latest round of cuts.
Sainsbury’s said of the 45m issued coupons over half have proved to customers that their shopping was cheaper than it would have been at Tesco or Asda.
Sainsbury’s group commercial director Mike Coupe said: “Customers tell us they’re reassured that Sainsbury’s Brand Match means they will always receive great value when they shop with us. They love the fact that, when we are more expensive, Sainsbury’s Brand Match gives them an instant reward. Unlike some of our competitors, we’re happy to do all the hard work for our customers.”