Greece Food & Drink Report Q3 2013 - New Study Released

From: Fast Market Research, Inc.
Published: Thu Jun 20 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.

Full Report Details at

Key Risks To OutlookUncertain Economic Outlook And Risk Of Deflation: Given the severity of Greece's economic depression (which has eroded demand-side price pressure) and the fragility of the global economy (which is weighing on commodity prices), we believe that the risks to our core forecasts are to the downside. Should the rate of economic contraction accelerate or local monetary conditions tighten even further, we warn that prices could concomitantly fall beyond what we currently anticipate. There is also a lingering risk posed by global commodity prices. Should demand from fast-growing emerging markets, particularly China, slow sharply, commodity prices could undergo a significant correction, which would push down imported price pressure in Greece.

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