M&S Food announced today that it is investing in the prices of over 200 products that will see price locks and price cuts implemented.
The price cuts will be across 65 products, with an average reduction of 6%.
The price lock will be implemented on over 100 customer favourites until after Easter, in order to provide certainty to shoppers.
These will build on over 200 price reductions that were announced in October.
Price As A Key Concern
In its recent trading update, Marks & Spencer revealed that sales of price-locked products in Q3 went up by 28%.
The retailer’s investment comes as its upcoming Family Matters Index reveals that those surveyed feel less optimistic about their family’s prospects over the next three months (46%) than they did in October (48%).
Price is a key concern for consumers going into 2024.
Noting this, the managing director of M&S Foods, Alex Freudmann, said, “In response, we need to keep delivering on our trusted value promise – offering the best-possible quality at the best-possible price.”
Freudmann emphasised that quality would not be compromised in place of value, saying, “We need to keep our relentless focus on quality – making sure each and every product we offer has that M&S point of difference, from raising the bar on animal welfare to leading the way in responsible sourcing.”
M&S launched its Remarksable Value range in 2019, made up of staples with prices benchmarked against those of key competitors.
Within this range, the price cuts have included baked beans (400g), with an 11% price drop, and Fairtrade Rich Roast Instant Coffee (100g), with a 13% reduction.
The price lock has been implemented on staples such as sensitive shower gel (250ml) and Eat Well Minestrone Soup (400g).
The price on these products will not go up until after Easter, easing customers’ anxiety and allowing them to plan their budgets.
To promote the investment, the retailer has released a song with British band Status Quo to be played throughout its stores and across social-media channels.
The song – called ‘Saving All Over the Store’ – takes customers on a journey through different value propositions.