NTUC FairPrice is offering a final extension of its 5 percent discount on 500 essential housebrand items till end July 2008 to help consumers fight inflation. Together with this extension, the scheme is estimated to cost FairPrice $4.5 million.
NTUC FairPrice introduced the 5 percent discount scheme in December last year as part of the Stretch the Dollar programme. Initially due to end in February 2008, the scheme was extended to end April 2008 as it was well-received by customers.
FairPrice housebrand items are aimed at offering consumers quality products at best value. Last Tuesday (April 22), FairPrice’s range of housebrand cooking oils was voted by consumers for the Readers’ Digest Gold Trusted Brand award. This is an endorsement of the good quality and value of FairPrice housebrand products.
Group Chief Executive Officer of NTUC FairPrice Mr Tan Kian Chew said, “The discount scheme was launched in December last year to brief consumers on the alternatives available to help them stretch their dollar. We have received very good feedback from our customers and they have requested FairPrice to extend the scheme. Even though the scheme comes at a significant cost to us, we are pleased to extend the scheme for another three months to help our customers fight rising costs.”
FairPrice housebrand items are generally priced at least 10 percent cheaper than comparable national brands. With the extension of the 5 percent discount, consumers can save at least 15 percent on 500 essential housebrand items. Since the discount scheme was launched last December, sales of FairPrice housebrand products has increased by about 25 percent. The increase in sales indicates that our customers appreciate the quality and value of FairPrice housebrand products.
NTUC FairPrice helps to moderate cost of living with various initiatives. Last year, the co-operative absorbed the 2% GST hike on 400 essential items from July to December 2007, at a cost of $2.8 million. In July 2007, FairPrice gave out $1 million worth of FairPrice vouchers to help lower-income families cope with the GST increase. In December, FairPrice launched the Stretch The Dollar campaign presenting eight tips to help consumers cut their grocery bill.
Amid rising food costs, FairPrice partnered AVA in its “Eat Well For Less, Choose Frozen Meat” public education campaign in February. It also organised the “Stretch The Dollar With Frozen Meat and Housebrand Rice” NTUC Learning Journey in April, encouraging union members to choose frozen meat and lower grades of rice to stretch their grocery dollar.
In March this year, FairPrice announced the launch of NTUC FairPrice Foundation, with the mission to provide a better life for the community. FairPrice has contributed $3.5 million to the foundation and has pledged to donate $50 million over the next 10 years, to support the Foundation’s “Do Good” initiatives. To date, NTUC FairPrice Foundation has given out $1.5 million to various beneficiaries.