Boston, MA -- (SBWire) -- 08/30/2013 --We expect Slovakian consumers to continue to underperform in the course of 2013. In fact, household spending has been in decline since 2010, as consumer demand waned amid economic uncertainty and rising unemployment. Monthly retail trade - with the exception of motor vehicles - remained in negative growth territory in the first two months of 2013, according to Slovakia's statistics office, while real wages, which fell by 1.2% in 2012, continued to decline in most economic sectors over the same period.
Headline Industry Data (local currency)
- 2013 per capita food consumption growth = +3.36% year-on-year (y-o-y); forecast compound annual growth rate (CAGR) to 2017 = +3.93%
- 2013 alcoholic drinks sales growth = +3.54% y-o-y; forecast CAGR to 2017 = +3.99%
- 2013 soft drinks sales growth = +2.67% y-o-y; forecast CAGR to 2017 = +3.47%
- 2013 mass grocery retail growth = +4.60% y-o-y; forecast CAGR to 2017 = +5.39%
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Key Company Trends
Retailers Warned Over Hygiene Standards: According to April 2013 reports by the Slovak Spectator, in the first two months of 2013, the State Veterinary and Food Inspectorate carried out food hygiene inspections in around 5,790 grocery stores around the country, finding a significant decline in standards. The law on food safety was amended recently, with the changes - including an increase in fines for breaches of regulations to as much as EUR5mn (from the current maximum of EUR2mn) and the closure of offending stores - in effect since the start of April 2013.
The Jamie Oliver Brand Comes To Slovakia: In June 2013, The Grocer reported that the UK-based Jamie Oliver food brand now has products available in 39 countries worldwide, having released a range of Italian pasta sauces and oils in 13 countries since Q112. The latest additions include Slovakia, South Africa, Brazil, the Netherlands and Australia.
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Recently Released Market Study: Slovakia Food & Drink Report Q3 2013
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