Boston, MA -- (SBWIRE) -- 09/12/2013 -- Greece has been battered by the eurozone sovereign debt crisis, enduring five years of economic contraction. The economic, political and social damage wrought by the crisis will leave an indelible mark, and on the consumption front, domestic demand conditions remain woefully bleak. Retail sales fell by 5.7% year-on-year (y-o-y) in March, which, although marking a significant improvement from the 14.1% y-o-y plunge the previous month, nonetheless marks the 33rd consecutive negative reading. With the ranks of the unemployed continuing to swell (the unemployment rate hit 26.8% in March) and disposable income under continual pressure, household spending is severely depressed. In our view, consumer spending is likely to lag any eventual broader economic recovery.

View Full Report Details and Table of Contents

Headline Industry Data (local currency)

- 2013 per capita food consumption = -2.5%; forecast compound annual growth rate (CAGR) 2013-2017 = +1.4%.
- 2013 alcoholic drink value sales = -3.6%; forecast CAGR 2013-2017 = +1.6%.
- 2013 soft drink value sales = -5.0%; forecast CAGR 2013-2017 = 0.5%.
- 2013 mass grocery retail sales = -0.7%; forecast CAGR 2013-2017 = +1.9%.

Key Company Trends

Companies 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 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.

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Food research reports at Fast Market Research

You may also be interested in these related reports:

- Ireland Food & Drink Report Q3 2013
- Taiwan Food & Drink Report 2013
- Croatia Food & Drink Report Q4 2013
- Argentina Food & Drink Report 2013
- Philippines Food & Drink Report 2013
- Kuwait Food & Drink Report Q3 2013
- Romania Food & Drink Report Q2 2013
- Brazil Food & Drink Report Q4 2013
- Vietnam Food & Drink Report Q3 2013
- Germany Food & Drink Report Q3 2013