LIDL has declared that around 770,000 more people are shopping with it each week than this time last year as consumers flock to the discounter amid the cost-of-living crisis.

The German-owned grocer reported this morning shoppers have switched £58 million of spend to Lidl from traditional supermarkets as households seek to make savings as finances come under pressure from surging inflation and rising interest rates.

Lidl reported an 80 per cent hike in earnings before interest and tax to £79 million for the 52 weeks ending February 28. That came as the grocer saw revenue increase by 1.5 per cent year-on-year to £7.8 billion. Revenue was up 13% on a two-year comparator.

Ryan McDonnell, chief executive of Lidl GB, said: “As the cost-of-living crisis deepens, we are more focused than ever on supporting our colleagues, our customers, and the communities we serve. This year alone we have invested £50m raising hourly pay rates making us the highest paying retailer, we’ve donated five million meals, and we’re serving over 770,000 more customers a week compared to last year.

"As a discount supermarket we are in the best possible to support people through these challenging times, and it's our absolute priority that we continue to do so."

Lidl said consumers are already stocking up on Christmas “essentials”, with sales of its Partytime up 21 per cent and Panettone 8% ahead of last year.