Goldman Sachs reveals pricing winners
Primark has slugged its way to become the cheapest clothing retailer in the UK this Christmas, according to the latest survey from Goldman Sachs.

Although the value fashion retailer lost the top spot to George at Asda earlier this year, it has come back fighting in time for the festive shopping melee in a drive that suggests George has lost some of its previous momentum.

'Our pricing study indicates that Primark is now the cheapest retailer in our survey and has become more price competitive relative to Matalan and Asda. We therefore predict Primark to continue to outpace its competitors,' the report said.

Primark was 58.9 per cent cheaper than average, compared with Asda's 56.9 per cent, according to the survey, which was undertaken in November. Matalan was third, followed by Tesco, at 45.7 per cent and 43.4 per cent lower respectively.

Significantly, Next slipped to 18.3 per cent more expensive, compared with 10.3 per cent in August. Marks & Spencer, which is widely seen as having made huge progress on its opening price points, held its position at about 1.9 per cent more expensive. This leaves M&S much cheaper than Bhs and Debenhams on the items surveyed.

However, the report said: 'Generally we believe that customers' appetite for more price deflation is easing and that the big step changes in pricing, led by M&S, have already occurred.'

The biggest changes have been in childrenswear, with Next slipping to 29 per cent more expensive compared with 6.4 per cent in August.