Australian retailers are dropping prices ahead of Christmas in a move to address the pressing cost-of-living crisis in the country.
Retail giants Coles and Woolworths announced huge savings on holiday essentials, catering to Aussies preparing for Christmas feasts.
Coles is offering more than 50 per cent off various Christmas products from bakery treats, seafood, fresh produce and centrepiece meats.
With the supermarket giant expecting 40 per cent of its shoppers to eat seafood over Christmas, Coles has significantly reduced prices, including cooked rock lobster reduced to $22, from $27, and raw banana prawns now at $14 per kilo, down from $20. This is an $8 reduction from last year.
Last-minute shoppers can also get a 1kg gingerbread house kit for $10 (from $16.50) and save $5 on 900g Christmas pudding, now at $7.50.
Coles expect to sell 243 tonnes of turkey this festive season and is offering fresh turkeys at lowered fixed prices compared to previous years with the RSPCA approved whole turkeys from $34.
Coles Executive General Manager of Fresh, Andy Mossop, said the supermarket had gone to great lengths to offer savings to help families’ make the most of their holiday budget.
“We know price is a major factor for our customers during the festive season, and that’s we’ve worked hard with our fantastic suppliers to provide customers with value throughout December, delivering quality products while keeping prices as low as possible,” he said.
Woolworths chief commercial officer Paul Harker said they would be offering competitive deals until Boxing Day aimed at alleviating financial strain during the holiday season.
“It’s not too late to pick up a great deal. We have offers across our most popular cuts of meat and seafood, as well as on essentials we know customers will need for Christmas,” he said.
“Saturday and Sunday are expected to be our busiest days so if you’re looking to avoid the crowds we’d recommend coming during the week.
Australian Retailers Association CEO Paul Zahra said a large portion of the $9 billion expected to be spent by shoppers in retail this week would be spent on food.
“Supermarkets are particularly aware of the financial challenges being faced by many Australians and are going to great lengths to drop prices ahead of Christmas, at a time where many shoppers have tight budgets,” he said.
“Promotional offers in the week before Christmas is often a part of an overall strategy to create excitement, drive foot traffic, and encourage consumer spending during the holiday season.
“Retailers are aware of the economic pressure being felt across the nation, and the last week of Christmas trading is highly competitive with many offering great discounts to entice customers.”