Tesco is sending out £67m worth of customer loyalty rewards today (30 November), two months earlier than its normal quarterly release in February.
Commercial director Richard Brasher told Reuters the rewards will provide a “seasonal surprise” and help customers “when they will appreciate it most”.
The early payout comes as the Co-op announces the launch of a £200m package of price cuts and promotions.
The retailer, which is now the UK’s fifth largest supermarket group following its acquisition of Somerfield last year, has also today launched a new loyalty scheme.
The mutual supermarket has introduced its first “triple dividend” and will offer its four million members vouchers worth about 6p for every pound spent over the festive period in any of its 3,000 stores.
Peter Marks, chief executive of the Co-op, says: “With rising fuel prices and financial pressures hitting household budgets this Christmas, customers are looking for a great deal locally.”
All of the UKs major supermarkets have launched major price cutting moves in a bid to increase footfall during the Christmas period.