So it comes to this – the banks won’t help us, and neither will the energy companies or petrol stations. But, amazingly Tesco will – today it’s lowering prices over 3,000 items. Will the Big Price Drop help you budget?
I say ‘amazingly’, because this is one giant organisation that I never thought I’d be praising in a Conversation.
Yet, credit where it’s due, today’s launch of the Big Price Drop promises to slash the price of more than 3,000 everyday products, from loaves of bread to cheese and ham.
Admittedly, the retailer isn’t doing this out of the goodness of its heart – but it’s a sure-fire way to melt the hearts of the armies of consumers who are paying through the nose for just about everything right now.
Sure, it’s a cunning plan to steal customers away from the competition, but bring it on. Who knows, it may even spark a price war on the high streets?
Shining a spotlight on other services
What Tesco’s Big Price Drop also does is put an intense spotlight on other key product and service providers. It would be nice to think that banks – with their lousy interest rates on accounts and high rates on credit cards and loans – will take heed and follow suit. After all, they’re not exactly winning people over right now.
And if banks want to regain consumers’ trust, offering us a decent interest rate seems a logical place to start. I bet they won’t feel the heat of that particular spotlight though.
And neither will the train providers. Ticket prices are so high that transport secretary Phillip Hammond recently went so far as to say that they are a ‘rich man’s toy’. Great, because it’s not as if it’s dirt cheap to fill up the car with fuel – another example of a sector that passes on price increases like they are going out of fashion, but stalls when the prices fall.
Winners and losers
Given how much we spend on the weekly shop, the news that one supermarket (Britain’s biggest to boot) is reducing prices is welcome. But it still comes with a sting in the tail, as the banks, lenders, energy companies, transport sector and so on will prove to be the real winners. They’ll continue to gobble up all of our spare cash, including a proportion of the change we save on groceries.
I don’t know whether champagne will be among the products on special offer, but I guess the fat cats who run our banks, transport and utility companies can afford the full price anyway, don’t you?
Will Tesco's Big Price Drop help you save on your shopping?
No, it's just a PR stunt (44%, 444 Votes)
Not sure, I'll have to give it a try to see (35%, 358 Votes)
Yes, I'll be shopping there (21%, 217 Votes)
Total Voters: 1,019