Tesco’s boss said UK consumers were in “good shape” and starting to treat themselves to more expensive goods before Christmas, prompting the nation’s largest grocer to lift its profit outlook.
Ken Murphy struck an upbeat tone about consumer morale on Thursday after a boost in sales of its premium food range, despite recent reports painting a less positive picture of household sentiment.
He said the supermarket chain, which accounts for 27.8 per cent of the grocery market and tracks consumer confidence every week, had seen “stability in consumer sentiment and also a willingness to spend a little bit more to treat themselves”.
“While they’re not doing cartwheels down the hallways, they are in reasonably good shape,” he said, but warned that there was “still a