Supermarket chain Morrisons has announced it will invest £100m on savings for customers in the run-up to Christmas .
Chief executive Dalton Phillips said around £35m will go towards its ‘Collector Card’ promotion, which gives shoppers £25 off their Christmas shop if they spend at least £40 in each of the six weeks leading up to Xmas, while the remainder will be spent on price cuts and promotions .
The £100m investment by Morrisons, which is much higher than last year’s figure, is the latest in a long line of moves by the UK’s major supermarkets aimed at winning over hard-pressed Britons who are cutting back on their monthly outgoings to cope with rising living costs.
“Shoppers are feeling bruised with many telling us they’ll spend less in the shops this festive season,” Philips said.
He added that a quarter of Morrisons customers expect to dip into their savings to pay for Christmas this year.
Richard Hodgson, Morrisons’ group commercial director, said there will also be an increased emphasis on reducing prices on single items, including high-value goods such as spirits, as many shoppers cannot afford to buy in bulk.
