Tesco has announced that it will be offering its customers almost £1.3 billion worth of savings over the Christmas period.
Around £800 million worth of price cuts and promotions will be offered from now until the new year, although the supermarket group would not specify what products would see price reductions.
Coupons totalling £200 million will be sent to Clubcard holders with their November and December account statements and Clubcard users will also be awarded with an overall £270 million worth of Club Points over the festive period.
Tesco Commercial and Marketing Director Richard Brasher said: “We will offer the best value in the marketplace at a time when many households are looking to make savings.
“The £1.3 billion in real value we’re giving to customers this Christmas is a great way of saying thank-you - customers know that no-one tries harder for them all year round than Tesco.”
Tesco estimates that with the savings spread across the 16 million UK Clubcard members, each should save more than £80 each.
This Christmas season is set to be even more crucial to retailers than usual, due to falls in high street sales and consumer confidence in recent months.