Tesco shoppers trading down to own label products, frozen food -CEO By Reuters
Stock Markets 6 minutes ago (Oct 05, 2022 04:11AM ET)
(C) Reuters. FILE PHOTO: A woman wearing a face mask pushes a shopping cart at a Tesco supermarket in Hatfield, Britain October 6, 2020. REUTERS/Peter Cziborra
LONDON (Reuters) – British shoppers are trading down to own label products and frozen food, and buying less non-food goods, as a result of the cost-of-living crisis, the head of Britain’s biggest retailer Tesco (OTC:TSCDY) said on Wednesday.
“We are seeing more frequent shops, smaller basket sizes and less shopping online,” Ken Murphy told reporters.
He said that was partially expected as a result of a post-pandemic return to normal trading and as people increasingly stick to a budget when shopping.
“We’ve also seen people trade down to our own brand propositions and we’ve seen some trade (move) from fresh to frozen.”
Murphy also highlighted a reduction in general merchandise and clothing sales. However, he noted sales levels in those categories last year were elevated by the pandemic.
Earlier, Tesco forecast full-year profit towards the lower end of its previous guidance.
Tesco shoppers trading down to own label products, frozen food -CEO
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