Boston, MA -- (SBWire) -- 06/25/2013 --We expect the already embattled Croatian consumer to continue to suffer in 2013 on the back of a challenging labour market situation and government-imposed austerity measures. Factors underpinning our view include double-digit unemployment (which reached a record high 21.9% in February 2013) and weak wage growth. With the household debt load currently standing at about 60% of GDP, we expect further household deleveraging. In the meantime, weak domestic demand and easing food price pressure will act as the main drivers of declining inflation over the next few quarters, but caution that the liberalisation of the energy sector will see energy prices remain elevated in 2013.
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- 2013 per capita food consumption = +0.9%; forecast compound annual growth rate (CAGR) to 2017 = +2.4%
- 2013 alcoholic drinks value sales = +0.8%; forecast CAGR to 2017 = +2.6%
- 2013 soft drinks value sales = +0.3%; forecast CAGR to 2017 = +3.9%
- 2013 mass grocery retail = +1.9%; forecast CAGR to 2017 = +3.1%
Key Company Trends
Lidl Reducing Pace Of New Store Openings In Croatia: In March 2013, local newspaper Poslovni dnevnik reported that German-owned discount retailer Lidl is reportedly slowing the pace of new store openings until the economic situation is judged to have improved. Lidl management are hoping that EU entry for Croatia will allow Croatian produce to be offered throughout the retailer's European network, which numbers around 9,500 outlets.
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New Market Research Report: Croatia Food & Drink Report Q3 2013
Fast Market Research recommends "Croatia Food & Drink Report Q3 2013" from Business Monitor International, now available