New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 12/13/2012 -- We expect households to cut back and increase saving during the first half of 2013. As declining house prices increase the pressure on households to cut back on expenditures, companies' profits are likely to see similar declines. In turn, we expect the headline unemployment rate to increase. A prolonged housing price correction will largely dictate consumption trends over the coming quarters, forcing consumers to rein in their spending on higher-value items. The heightened cautious spending mood among local consumers is expected to filter through to higher demand for private label products as consumers turn their heads to cheaper options. Even if economic conditions take a turn for the better, the shift of consumption habits towards private labels in Australia is likely to remain firmly entrenched over the coming years as a growing number of consumers acknowledge private labels as a very compelling alternative to proprietary branded goods.
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Headline Industry Data (local currency)
- 2013 per capita food consumption = +1.2%; forecast to 2017 = +7.2%.
- 2013 soft drinks value sales = +1.6%; forecast to 2017 = +13.0%.
- 2013 alcoholic drinks value sales = +1.6%; forecast to 2017 = +12.0%.
- 2013 mass grocery retail sales = +3.2%; forecast to 2017 = +23.0%.
Key Industry Trends
Wesfarmers Successfully Navigating Difficult Environment: In August 2012, Australian retail conglomerate Wesfarmers posted strong results for its latest fiscal year despite concerns about the prevailing strength of the underlying economy. For the 12 months to the end of June 2012, the firm registered revenue growth of 5.8% to AUD58.1bn. This included 6.4% growth at its Coles supermarket business, 11.3% growth at its convenience store network and 5.1% growth at its food and liquor unit.
CIC To Invest In Australian Dairy Sector: In September 2012, Chinese-government owned China Investment Corporation (CIC) revealed it is looking to invest in the dairy sector in Tasmania in Australia. The investment comes as China, which is one of Australia's leading trade partners, aims to secure its food supplies, including dairy production, to feed its population by encouraging its firms to expand overseas. CIC is looking to invest in dairy firms in Australia and inspected two dairy farms in Tasmania, according to Australian media. Australia's Foreign Investment Review Board, which looks at all proposed investments from state-owned enterprises, will examine any proposal made by CIC.
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