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SBUX Starbucks CDR Cad Hedged

22.40
-0.38 (-1.67%)
28 Jun 2024 - Closed
Delayed by 15 minutes
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

Coffee Indus Optimistic About UK Consumption Growth In '09

19/05/2009 4:55pm

Dow Jones News


Starbucks CDR Cad Hedged (NEO:SBUX)
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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

 
 

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