While analysts predict a somewhat down holiday season for retailers in general, the outlook for sales of food and drink is merrier. The category is expected to enjoy the most growth this year compared to other categories. That’s according to IBISWorld, a Santa Monica, Calif.-based consumer research group.
IBISWorld predicts food and beverage sales will be up nearly 12 percent over last year’s holiday season with total sales exceeding $27 million. Speaking with trade publication Progressive Grocer, IBISWorld senior analyst Toon van Beeck explained: â€˜The recession has caused people to go back to family values as opposed to simply buying presents. Consumers just don’t have the money to fork out on unnecessary gifts and luxuries such as traveling. Instead, they’ll cherish time spent with close family and friends.â€™
â€˜We definitely feel that the 2009 holiday season will be a good year for the food industry and grocery,â€™ van Beeck said. With consumers focusing on health, well-being and environmental issues, van Breeck predicts that gourmet and specialty food markets to do especially well during the holidays.
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