Retail giant Sainsbury’s has indicated that it will not join its rivals in slashing prices over the festive season, in spite of concerns over weak consumer confidence.
Speaking to Reuters, Sainsbury’s commercial director Mike Coupe suggested that consumer spending was likely to remain resilient this Christmas and that no price cuts were necessary. He also expressed confidence that the supermarket chain’s expanded own-brand range would prove a hit with customers.
“The evidence would suggest that when there is a family occasion ... [consumers] will spend and they will invest,” he explained. “You're far better holding your nerve and sticking to what you have planned.”
Mr Coupe’s comments came as Sainsbury’s unveiled its largest-ever Christmas range, including 500 grocery products and 700 non-food items. He also observed that the group’s continued expansion into other ranges including clothing, greetings cards and games should ensure steady growth.
Last week, Tesco chief executive Richard Brasher told the Daily Telegraph that shoppers are unlikely to spend big unless this Christmas they are satisfied with both price and quality.
