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Sophie Lund-Yates, Equity Analyst at Hargreaves Lansdown, explained: “Holding onto market share is a bit like trying to grab a wriggling fish.

“To reverse this, Sainsbury’s is sliding down the value chain to appeal to cost-conscious shoppers.

“It’s a relief to see the group target a more specific market, and this approach could certainly help in an inflationary environment as incomes don’t stretch as far.”

As well as inflation a key pressure on business has been the pandemic with few industries more affected than hospitality.

Today though Premier Inn operator Whitbread revealed market-beating performance with UK accommodation sales up 10.6 percent in the third quarter.

Whitbread is the UK’s largest hospitality business, however it also has operations in Germany where it says lockdown restrictions are posing a “significant drag on market demand.”