The continuous increase in food prices over recent years due to the ongoing cost of living crisis remains a concern for many consumers. Walking into a supermarket and observing the rising prices of favorite products can be disheartening. To manage costs, some individuals have opted for supermarket own-brand basic ranges instead of premium named brands. However, even this cost-saving strategy may not always prove effective, as seen during a recent visit to a high-end retailer like Marks & Spencer.
While Marks & Spencer is known for its upscale image, shoppers typically expect to find reasonably priced everyday items in their stores. For instance, the M&S Classic Mayonnaise, priced at £1.50 for a 500ml tub, is only slightly more expensive than similar products from competitors like Sainsbury’s and Tesco. However, the introduction of the new Only… Ingredients range at M&S revealed a significant price disparity.
The Olive Oil Mayonnaise from the Only… Ingredients line, featuring only six ingredients, shocked consumers with its price tag of £4.50 for a 250g tub, compared to the £1.50 for the Classic version of the same size. The product description highlights the use of premium ingredients like olive oil, egg yolks, dried mustard, white wine vinegar, sea salt, and water, emphasizing its quality and simplicity.
While the rising cost of olive oil globally has contributed to the price increase of products containing it, the substantial price gap between the Classic and Olive Oil mayonnaises raises eyebrows. Fortunately, other items in the Only… Ingredients range seem to maintain a reasonable price point compared to their traditional counterparts, offering consumers a choice between simplicity and affordability.
Despite the initial shock of the Olive Oil Mayonnaise pricing, it seems to be an exception rather than the norm within the range. The broader issue of escalating olive oil costs in the UK market is attributed to various factors such as reduced global supply, supply and demand imbalances, higher import costs, currency effects, and retail pricing strategies that cater to different quality tiers.
Consumers are urged to be conscious of these factors shaping the pricing landscape of food products, especially premium items like olive oil-based goods. While the M&S Only… Ingredients range promotes simplicity and quality in its offerings, the significant price differences highlight the need for informed shopping decisions in the current economic climate.
