Business

Tesco comes out ahead in battle for festive spending

Tesco regained its highest share of UK supermarket spending in nearly four years after outperforming rivals in the key festive period.

Latest industry data from research group Kantar show that Tesco’s grocery sales during the 12 weeks to December 26 fell by 0.9 per cent versus the same period in 2020, when many areas in the UK faced Covid restrictions that boosted food sales. On a two-year basis, Tesco’s sales were up 10.1%.

Its UK grocery market share rose 0.6 percentage points to 27.9%, it highest since January 2018. Rivals Sainsbury’s, Asda and Morrisons saw their sales fall by 4.4%, 3.9% and 6.5% respectively compared to the same 12-week period in 2020.

Kantar said overall grocery price inflation reached 3.5% in December, the highest since spring 2020, adding nearly £15 million to shoppers’ average monthly grocery bills. Prices rose fastest for goods such as fresh beef, savoury snacks and skincare, while the cost of fresh bacon, spirits, and bath and shower products fell.

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