UK retailer Marks and Spencer (M&S) has announced that it will invest in the price of over 200 products to “deliver trusted value” for its 30 million customers.
Price cuts will be seen over 65 products, averaging a reduction of 6%. Its Remarksable Value range, launched in 2019, will be among the products included in the latest round of cuts.
The supermarket’s price lock will also be extended on over 100 products, including cheddar, cereals, vegetables and soups.
The investment comes as the retailer’s January 2024 Family Matters Index revealed that people surveyed were feeling less optimistic about their family’s prospects over the next three months (46%) than they did in October (48%). Four in 10 customers said they would be “consciously spending less and saving more in 2024”, and value remains the top priority when deciding where to shop.
Products seeing price decreases include:
- Frozen strawberries 350g (was £3.20, now £2.50)
- Remarksable Value Easy Cook Long grain rice 1kg (was £1.50, now £1.25)
- Organic Fairtrade Bananas 5 pack (was £1.90, now £1.60)
- ‘Remarksable’ Value Baked Beans 400g (was 50p, now 45p)
Alex Freudmann, managing director of M&S Food, said: “Our customers are telling us that value is still very much front of mind as we start off 2024. In response, we need to keep delivering on our trusted value promise – offering the best possible quality at the best possible price.
“Our value and quality perception are at their highest point in six years compared to the market but we can’t be complacent. 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. All while, of course, offering that touch of M&S magic our 30 million customers know and love.”
