New Food market report from Business Monitor International: "Greece Food & Drink Report Q4 2013"
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.
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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.
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