Shoppers have cut back their spending as they try to offset the growing cost of living, online supermarket Ocado has said. The average basket that customers checked out reduced by 6% to £116 in the 13 weeks to the end of August, and have shrunk even more rapidly since.
A large part of the change was due to customers switching to cheaper alternative products, Ocado said. Chief executive Tim Steiner said: “We remain focused on providing Ocado Retail customers with the best possible value to help them navigate the cost-of-living crisis, and are encouraged by the positive underlying trends in the business which underline the value of Ocado’s differentiated proposition to customers.”
Meanwhile, the business itself is also feeling the pinch, warning of a £20 million to £25 million additional hit from its annual electricity and fuel bill. Electricity prices have tripled, while fuel is up 15%, Ocado said.
