Non-Food Retail Giants Vie for Xmas Market Share by Slashing Prices
UK shoppers are set to enjoy appealingly low prices this Christmas on fashion and electrical goods, with retail giants such as Currys, Tesco, New Look and French Connection competing for market share by offering up to 50% discounts this weekend. Additionally, new figures from PricewaterhouseCoopers reveal that the average cost for non-food products has dropped by 42% this week.
Retail senior consultant at PwC, Mark Hudson, commented: "The number of retailers running promotions suggests that there is a base level of activity which is seen as necessary. Expect the unexpected in the next week - both in-store and online - as the fight for the Christmas spending will go to the wire."
This prediction is echoed by Asda CMO Stephen Smith, who stated at an event in London this week that UK consumers are holding out for excellent price slashes, so retailers still have "a lot to play for" in the run-up to Christmas.
Today (13 December) is said to be the biggest card spending day of the year, with the Centre for Retail Research predicting that Britons will make 23.4 million transactions totalling £870m. The overall December spend is expected to each £36bn this festive season, representing a 4% rise from last year.