New Food market report from Business Monitor International: "Greece Food & Drink Report Q3 2013"
Boston, MA -- (SBWIRE) -- 07/25/2013 -- While the Greek economy may stage a tentative export-led recovery in 2013, we stress that the economic, political and social damage wrought by the financial crisis will leave an indelible mark on the consumer. Indeed, the destruction of stock market equity, falling wages and stark unemployment lead us to expect very little scope for a drastic improvement in consumer spending, especially as the younger population increasingly leaves the country in search of jobs abroad.
Headline Industry Data (local currency)
- 2013 per capita food consumption = -2.51%; forecast to 2017 = +0.62%.
- 2013 alcoholic drink value sales = -3.56%; forecast to 2017 = +0.57%.
- 2013 soft drink value sales = -4.95%; forecast to 2017 = -0.63%.
- 2013 mass grocery retail sales = -0.66%; forecast to 2017 = +1.35%.
Key Company TrendsCompanies Remain Committed To Greece, Despite Outlook: Given the gloomy economic and consumer outlook for Greece, companies are likely to increase their focus on cost-reduction strategies. The question remains of how far they are prepared to go, as the political situation remains electrified. Nevertheless, some companies remain committed to the country. For example, in March 2013, the Greek division of Switzerland-based food and drink company Nestle dismissed news reports in the country that it has asked the Greek government to make it easier to fire employees, reports Greek Reporter. Instead, the company reportedly has plans to invest around EUR8mn (US$10.4mn) into modernising its factories and developing new products.
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