As well as investing in price Marks & Spencer wants to ensure its clothing is designed to last as it states “value is more than just the product’s price”.
Marks & Spencer is cutting the price of more than 100 products from its ‘everyday essentials’ kidswear range, as it looks to reinforce value perceptions among families.
The retailer wants to be known for “trusted value”, highlighting that the quality of its products in addition to lower prices is what sets it apart.
“We know value is more than just the product’s price – [customers] also want confidence that it is made well and made to last and offers versatility,” says Alexandra Dimitriu, kidswear director for M&S clothing and home.
M&S has now invested in the price of more than 300 “family favourite” products across clothing and food as it looks to boost value perceptions across both aspects of the business.
The retailer increased quality perceptions for clothing by 2% and value by 3% in the eight weeks to the end of December, according to data from YouGov, while value perceptions in food have hit a 10-year high.
M&S has reduced the price of kiswear products by up to 20% across items including sweatshirts, leggings and t-shirts, which now start from £5.50. It has also dropped the price of its bestselling cotton-rich hoodie and joggers.
At the same time, M&S says it will continue to “invest significantly” in product style, fit and fabrics. It is replacing core fibres with “preferred alternatives” and all cotton is sourced through Better Cotton and organic- or recycled-certified. The brand says its kidswear is designed to be of “hand-me-down quality”.
“As more families choose to shop with us, we’ve focused on investing in the price and quality of our kidswear,” adds Dimitriu.
M&S CEO Stuart Machin said last year the retailer must avoid “tricksy” pricing, having implemented its “first price, right price” strategy as part of its transformation plan. Since starting to make these changes, the retailer has re-entered the FTSE 100 and recently won Marketing Week’s Brand of the Year award for its turnaround and success.
M&S clothing and home marketing director, Anna Braithwaite, told Marketing Week earlier this month that it plans to include more kidswear content as part of its employee-led Insiders social media programme.
“Kids content always resonates really well. Using our insiders who have got their own children is wonderful,” said Braithwaite on the plan to push more kidswear content across its influencer programme.
Value in food
Meanwhile, at M&S Food, value perception is the highest it has been in over a decade and is growing year-on-year, according to the retailer. Machin said last year that the retailer had invested £60m in food prices over the previous 12 months alone.
There are now over 200 products within one of M&S Food’s three value labels: Remarksable Value, Bigger Pack, Better Value and Dropped & Locked.
Sales of the Remarksable value range grew by 14% while volume increased by 11% from October to December. Meanwhile, sales and volume of its Bigger Pack, Better Value increased by 34% and 30%, respectively, in the third quarter.
In December, M&S Food marketing director Sharry Cramond said quality, value and relevance are the three key factors driving the success of the M&S Food brand.
