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Lidl saw massive spike in Christmas sales as cost of living crisis hit shoppers
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By Nithya Bose in UK Business News, posted January 9, 2023
Lidl says more shoppers ditched its competitors over Christmas due to the ongoing cost of living crisis, leading to a boost in sales.
The discount supermarket said a 25 percent sales rise is mainly from 1.3 million more consumers in the week before Christmas than the previous year.
It says customers directed £63 million in spending from other retailers in December, nearly triple Christmas 2021.
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Its sales surge culminated in its busiest trading day ever on Friday, December 23.
Lidl GB CEO Ryan McDonnell said: "Every week of the year we are seeing more customers coming through our doors, switching spend to Lidl from the traditional supermarkets.
"We know they switch to us to make savings, but then they stay with us when they realise that they're not having to compromise on quality, and this Christmas was no exception.
"Our strategy - great quality products at low prices - has remained the same since we first opened our doors over 28 years ago.”
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The upsurge was probably due to many factors like the sudden rush for cheaper groceries that occurred over the last year as the cost of living crisis has worsened.
These are the impact of inflation on many products as well as new store openings.
Lidl does not publish comparable same-store sales data.
However, market share growth for Lidl and its main discount rival Aldi has been stable, with the latter leading the way.
The latest Kantar Worldpanel report showed Lidl's market share was 7.2 percent last month, up from 6.3 percent the previous year.
Aldi's market share increased from 7.7 percent to 9.1 percent.
Source: Sky News
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