United Kingdom Food and Drink Report Q1 2015
Includes 3 FREE quarterly updates
NEW YORK, Dec. 24, 2014 /PRNewswire/ -- BMI View:
The UK economy is on track to be one of the fastest growing developed states in 2014, and certainly the fastest growing among the G7. Given the strength of the first and second quarter GDP readings, along with evidence from higher frequency data which suggest no let up in the rate of economic expansion, we have nudged up our full-year 2014 real GDP growth forecast to 3.1% from 2.9% previously. However, we continue to warn that without a recovery in fixed investment and real wages, the current growth burst will be unsustainable. In fact, most of the recent boom in consumer spending has been encouraged by rising property prices in London and other localised areas, which is unsustainable for retailers. As a result, we are cautious about growth in the food and drink area, especially in value terms as competition for value and consumer's more careful spending habits will limit potential for the industry in the near term.
Headline Industry Data
- 2014 total food consumption growth (local currency terms): +3.0%; compound annual growth rate (CAGR) 2013 to 2018: +4.2%.
- 2014 per capita food consumption growth (local currency terms): +2.4%; CAGR 2013 to 2018: +3.6%.
- 2014 total soft drinks value sales (local currency) growth: +4.8%; CAGR 2013 to 2018: +4.9%.
- 2014 alcoholic drinks value sales (local currency) growth: +2.0%; CAGR 2013 to 2018: +2.3%.
- 2014 mass grocery retail (MGR) sales (local currency) growth: +2.2%; compound annual growth rate (CAGR) 2013 to 2018: +2.6%.
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