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Name | Symbol | Market | Type |
---|---|---|---|
Starbucks CDR Cad Hedged | NEO:SBUX | NEO | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.38 | -1.67% | 22.40 | 22.20 | 23.00 | 22.64 | 22.37 | 22.64 | 24,365 | 22:30:01 |
The coffee industry is optimistic about achieving coffee consumption growth in the U.K. in 2009, despite the global economic slowdown, coffee companies said Tuesday.
Speaking on the sidelines of the U.K. Coffee Leader Summit, Darcy Willson-Rymer, managing director of U.K. and Ireland for Starbucks Corp. (SBUX), said his company is not noticing a change in coffee consumption patterns and expects growth in 2009.
Marco Arrigo, sales director of Euro Food Brands and sole distributor of Illy coffee in the U.K., also said Illy sales are rising in the U.K. so far this year.
However, economic factors including the credit crisis and declining consumer spending are dominating the coffee industry's concerns, said Jeffrey Young, managing director of market analysts Allegra Strategies.
As consumers become more careful with their discretionary spending, coffee brands are competing aggressively for their custom, employing different marketing strategies to communicate value for money.
"Customer value expectations will be a legacy of the recession," said Young.
The coffee industry expects the current economic downturn will take around 12-18 months to recover from, research by Allegra Strategies showed.
-By Sarah McFarlane, Dow Jones Newswires; +44 (0)20 7842 9327; sarah.mcfarlane@dowjones.com
1 Year Starbucks CDR Cad Hedged Chart |
1 Month Starbucks CDR Cad Hedged Chart |
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