The multiples seem to have waded into the now ubiquitous Christmas price war a little earlier than usual this year, with Asda’s announcement that it is to save its customers £150 million over the festive period - and Tesco’s almost immediate retaliation with an even more substantial figure of £250m (p1).

As recent IGD research reveals (p1), price has certainly become a key driver for shoppers during the financial crisis, and that situation does not look set to abate even when we finally rise from the recessionary ashes. On that basis, the multiple price war that now seems to be as established a Christmas tradition as Santa coming down the chimney may well represent welcome news to cash-strapped shoppers.

But as the IGD data also revealed, consumers are still attached to their ethics, hence the continued success of Fairtrade, local produce and high animal welfare products - none of which tend to be the cheapest option on offer.

Shoppers are also looking for genuine value when it comes to supermarket promotions, according to IGD - not lots of deals that actually offer insignificant savings when all added up together. The phrase quality, not quantity, springs to mind.

Asda and Tesco’s actions are only likely to worry suppliers as they head into the key trading period of the year, at a time when margins are already being squeezed beyond belief.