Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

British households £160 worse off in July than a year ago, says Asda

by August 26, 2022
August 26, 2022
British households £160 worse off in July than a year ago, says Asda

British households were on average £160 worse off in July than a year earlier, according to research by the supermarket Asda, as it said it would do more to help shoppers being squeezed by soaring food and energy costs.

Asda bosses said they would keep “grocery bills in check” and do all they could to support customers “during these tough times”, as they monitor how much money consumers have to spend through their income tracker.

It came as the supermarket’s results showed that its sales fell at a slower rate between April and June than during the previous three-month period.

However, its sales slipped by 1.9% in the April to June quarter, compared with a year earlier.

This followed a 9.2% slump in like-for-like sales excluding fuel between January and March, as shoppers tightened their belts.

Asda, which was bought last year by the petrol station billionaires Mohsin and Zuber Issa and TDR Capital, said it had benefitted from strong sales of its new “just essentials” range, aimed at shoppers facing pressure on their household finances.

The range, which launched in May, now includes 220 products including fruit, vegetables, fresh meat and fish.

It said the range had proved “very popular with value-conscious customers”, with one in three shoppers regularly buying ‘just essentials’ products.

In February, Asda committed to making its cheapest food ranges more widely available for shoppers, after the anti-poverty campaigner Jack Monroe raised concerns that customers on low incomes were struggling to get hold of some products, forcing them to spend more.

Asda said it had also expanded its “dropped & locked” campaign, where it has committed to freezing the price of 250 products for the rest of the year.

“Every week millions of customers visit our stores or shop with us online and we know many of them are struggling with rising living costs that show no sign of easing,” said Mohsin Issa, Asda’s co-owner.

“We are determined to do all we can to support these customers during these tough times by keeping their grocery bills in check while delivering added value through initiatives such as ‘dropped & locked’ and the ‘kids eat for £1’ offer in Asda cafes.”

Asda said more than 330,000 children’s meals had been served in its cafes since the offer started in late June.

The retailer launched a new loyalty app for customers shopping in stores and online earlier in August, which gives them money off their shop at checkout. It said over 2 million customers had downloaded the app and together had collected £7m in their cash pots, which they are able to spend at Asda.

The under-30s are among the hardest hit by sharp increases in the price of essentials including rent, groceries, transport costs and utility bills, Asda’s research found, resulting in an almost 22% slide in disposable income for this group in July compared with a year earlier.

According to Asda’s income tracker, young people under 30 were left with a disposable income of just £150 per week after paying their taxes and essential bills, at a time of soaring inflation and cost of living crisis.

Read more:
British households £160 worse off in July than a year ago, says Asda

0
FacebookTwitterGoogle +Pinterest
previous post
UK food and drink sector sounds alarm over CO₂ shortage as plant halts output
next post
Ofgem raises energy price cap by 80% to £3,549 from October

You may also like

Why You Should Buy Organic Food Online For...

November 8, 2023

Treasury Acknowledges Impending Rise in Inflation

February 12, 2024

Funding for UK start-ups falls to six-year low...

October 19, 2024

UK Could Finalise Gulf Trade Deal This Year,...

May 16, 2024

Truss plans to loosen immigration rules to tackle...

September 26, 2022

Allica bank launches £10m EV fund dedicated to...

November 6, 2023

Italian Waiters bid arrivederci to London as Visa...

April 10, 2024

Shell to pay UK tax for first time...

January 9, 2023

Labour Abandons Pension Lifetime Cap Reinstatement in £800m...

June 10, 2024

Tangle Teezer, once rejected on Dragons’ Den, sold...

December 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump turns to Supreme Court in fight to oust Biden-era consumer safety officials

      July 3, 2025
    • Bush teams up with notorious Trump foes to trash ‘colossal mistake’ shuttering USAID

      July 2, 2025
    • Trump’s ‘big, beautiful bill’ stalls in House amid conservative mutiny threats

      July 2, 2025
    • Democratic doctors’ protest against Trump’s ‘beautiful bill’ derailed by flood of US Capitol tourists

      July 2, 2025
    • Missed Disney’s Rally? Grab This Defined-Risk Put Spread for a Second Chance

      July 2, 2025
    • Market Signals Align – Is a Bigger Move Ahead?

      July 2, 2025

    Categories

    • Business (8,365)
    • Investing (2,094)
    • Politics (15,921)
    • Stocks (3,187)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved