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Discretionary income flat year-on-year says Asda Income Tracker

  • The average UK household had £158 a week of discretionary income in October 2013 – the first time since June that discretionary income has not fallen year-on-year
  • A sharp decline in annual essential item inflation between September and October provided welcome respite to UK households – down 0.7 percentage points, to 2.1%
  • Good news for motorists in particular as the cost of fuel fell 4.2% year-on-year- driven by the largest decline in the price of petrol since November 2008
  • However, weak net income growth continues to curtail the benefits of falling inflation – slowing to a year-on-year rate 1.9%, the lowest growth since March 2012
  • The rising cost of energy is also a factor constraining spending power, with the price of gas and electricity up 8.3% and 8.6% respectively over the 12 months to October.

The latest Asda Income Tracker has revealed that family spending was flat in October 2013, as a steep decline in essential item inflation offset weak income growth.

According to the latest figures, released today (Monday 18th November), the average UK family had £158 of discretionary income available to them in October 2013, unchanged from last year – halting a three month period of year-on-year decline.

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Posted in Press Centre on 15 November 2013
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  • Asda like for like sales up 0.3% for the 13 weeks to 4th October 2013, its twelfth consecutive quarter of growth
  • Five year plan to invest £1 billion into lowering prices, and £250 million in product quality, style and design
  • Commitment to widen customer access to Asda from 53% of the UK to 70% through the physical development of stores and the extension of Click and Collect to over 1,000 locations by 2018
  • Online sales revenues to grow to £3bn by 2018

14th November 2013 – Asda has today updated the market on its third quarter trading performance for the 13 weeks to 4th October, recording like for like sales up 0.3%. This is the twelfth consecutive period of positive growth.

The retailer also set out its three strategic priorities for the next five years to build on its position as the UK’s leading value retailer. The aim will be to improve the core business, extend Asda’s reach and expand the brand into new markets by: significantly lowering prices, further increasing quality and giving more people the opportunity to shop with Asda through the physical development of stores and over 1,000 Click and Collect locations.

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Posted in Press Centre on 14 November 2013
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  • Asda colleagues to receive £17 million ‘Festive Thank You’
  • ‘Festive Thank You’ tops off a year of reward-related investment for Asda colleagues totalling over £100 million
  • ‘Thank You’ package includes an Asda gift card, a free festive meal and a 20% discount across a range of products, including, for the first time, personal electricals and Asda Extra Special food

Asda is delivering an early Christmas present to thousands of colleagues with the news that they will share a £17 million ‘Festive Thank You’ in recognition of their efforts this year.

This year’s ‘Festive Thank You’ package – which includes an Asda gift card, a complimentary festive meal and a contribution towards a Christmas party – will be available to each of Asda’s 180,000 colleagues.

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Posted in Press Centre on 14 November 2013
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Asda and Barclays today (8th November 2013) announced a trial to make everyday banking services more flexible and accessible, with bank branches open seven days a week inside Asda stores from 2014.

These innovative new-style branches, will provide a new banking experience, open seven days a week, with services available at the same time the Asda store is open. Four pilot bank branches will open from February 2014, and will offer customers the flexibility of longer opening hours, and more convenient parking for customers to visit their bank.

Steve Cooper, Head of Barclays Retail and Business Bank said: “We’ve spoken to our customers who use our everyday and business banking services in our branches and they’ve told us their time is precious so would benefit from being able to multi-task, park easily and visit branches with longer opening hours. This partnership with Asda means they can do their food shop and bank at the same time, with the opportunity for a new flexible banking experience in a way that’s most convenient for our customers.”

Posted in Press Centre on 08 November 2013
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Discretionary income down £2 a week year-on-year says Asda Income Tracker.

  • The average UK household had £157 a week of discretionary income in September 2013, down £2 a week from the same month last year and £8 a week from its peak in February 2010
  • Weak wage growth was again a key factor, up just 0.8% over the past year – the smallest year-on-year rise on record
  • The rising cost of energy continues to put pressure on household budgets, with the price of electricity and gas up 8.1% and 8.3% respectively
  • Good news for home owners as the cost of inflation on mortgage interest payments fell for the sixth consecutive month to 2.3% year-on-year – the lowest rate since July 2012
  • Across the UK, spending power fell back in every region except for the East of England (1.2%) and Scotland (0.6%), with the West Midlands (-3.5%) and Northern Ireland (-3.5%) hardest hit

The latest Asda Income Tracker has revealed that family spending power fell by £2 a week year-on-year in September 2013 – driven by the weakest wage growth on record in the UK.

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Posted in Press Centre on 18 October 2013