Chocolate, eggs and Italian food to be grocery winners in ’09
Industry sectors set to benefit despite tough economic conditions have been revealed as Mintel announces updated UK market forecasts in light of recession. Despite tough market conditions the research reveals that over a third (37%) of over 400 sectors monitored by Mintel are re-forecast to grow this year.
The findings come as part of a major re-forecasting project undertaken by their market analysts, which takes into account the dramatic change in consumers’ expectations, attitudes and beliefs over the past six months. As the recession continues to impact on most sectors of the UK economy, Mintel has re-forecast its reports accordingly to determine how sectors are really faring in these challenging economic times and provide latest insight and expert opinion to support business decision making.
Eggs crack market As consumers seek to economise their eating habits, Mintel predict eggs to go up 15% in value in 2009 due to their relatively cheap price, further awareness about their health benefits and as consumers seek to make meals from scratch to save money. It is the only food market to see double-digit growth forecast for 2009 and will also benefit from the phasing out of caged hens for more expensive free range and organic options.
Re-forecasting also reveals a reinvigorated affinity for Italian food as this quick and convenient food sector is also predicted to grow in 2009.
A “treating” culture is expected to continue, with chocolate sales predicted to rise 7% in 2009 as a low cost way to soothe consumers as a comforting purchase.
“These figures confirm that affordability will take precedence over lifestyle in 2009 as we further feel the impact of the current economic climate,” Richard Perks, Director of Retail Research at Mintel, said. “While the trend of trading down will have a negative effect for many consumer sectors, other sectors are benefiting as British consumers change direction and adapt their lifestyle choices accordingly.”