Price cuts include selling a full dinner suit for £49, to help customers dress for the Christmas party season.
Asda says the round of cuts is its largest ever investment at this time of year, with 2,500 price drops across the retailer's entire range of products.
"Our research shows that the family budget is being stretched to the limit," said Andy Bond, chief executive. "That's why we've invested £150m in our biggest ever set of festive price cuts."
"We want our customers to be able to get everything they need without breaking the bank," said Bond. "By cutting prices earlier than previous years, we are helping them save more money by spreading the cost of Christmas."