Tesco to shed more light on customer spending amid cost-of-living crisis

Big 4 grocer Tesco is to reveal more about customer spending amid inflation pressures and the cost-of-living crisis.

The supermarket giant is set to reveal how trading has impacted the company over the past three months to May on Friday 17 June, when it updates its shareholders.

The news comes as Tesco has been resilient despite pressure on shoppers as early figures from Kantar, revealing the grocer has grown market share against its rivals, Sainsbury’s, Asda and Morrisons.

However, this comes as in recent weeks, shares have dipped as more customers are restricting their regular shopping habits as household bills surge.

READ MORE: Tesco increases pay to dairy suppliers to support sector

According to The Office for National Statistics (ONS) 41% of households surveyed over the past two weeks are spending less on food shopping and essentials.

“Shopper confidence fell sharply through the start of April and the energy price cap hike suggests wallets have felt the pinch since then,” said Matt Britzman, equity analyst at Hargreaves Lansdown.

“Commentary on the outlook from management will be a key indicator to how this is playing out.

“Tesco’s commitment to focusing on pricing should hold it in good stead if consumers shift down the value chain but that comes at a cost.”

Analysts at Jefferies have predicted that Tesco will reveal a 1.4% drop in like-for-like sales, excluding fuel, over the quarter, compared with a lockdown-boosted performance from last year.

The news comes as Lidl has accused Tesco of copying its distinctive logo to promote Clubcard Prices in a High Court dispute which is set to cost the supermarket rivals £2.35 million.

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