Greek Food Forecasts Cut In Response To Austerity Package

The fiscal problems faced by Greece have prompted us to downgrade our forecasts for food and drink consumption, with austerity measures meaning we now expect a contraction in most headline indicators in 2010. The defensive nature of the industry means it is likely to be hit less hard than industries for which it is easier to withdraw discretionary spending. However, we are likely to see extensive trading down including a move towards private label options, and these trends could linger beyond the downturn with consumer caution likely to remain a prevalent feature of the

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