Asda proves a magnet for middle class
DISCOUNT supermarket Asda says the economic crisis has gifted it an influx of wealthier shoppers hoping to reduce their grocery bills.
A day after Sainsbury's boasted it was pinching customers from Waitrose and Marks & Spencer, Britain's second-biggest supermarket said it was adding shoppers from the middle classes.
For the past decade they have been happy to spend more on the premium ranges offered by competitors.
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Asda's chief financial officer Judith McKenna said the strongest growth durin g the past quarter had come from professionals but she said there had been no sign that poorer customers were switching to cost-cutters such as Aldi and Lidl.
Industry data suggests Aldi's business grew 24 per cent in the three months to November but it was likely to be taking customers from Tesco rather than Asda, which is growing sales at twice the industry rate.
Asda, owned by U.S. retail giant Wal-Mart, said sales to September 30 had risen 6.9 per cent, up on the second quarter's 6.0 per cent.
McKenna said sales of Asda's Smartprice budget range remained strong, particularly for staples such as rice, pasta and biscuits.