France Food & Drink Q4 2019
In line with a positive outlook for French consumers, we believe food and drinks spending will trend higher over themedium term. Higher spending will partly be driven by higher food price inflation as new minimum food pricinglaws came intoeffect in February 2019, which will curbheavy discounting andtwo-for-one promotional offers. In the food sector, baked goods,dairy and other food products (ie, packaged food, readymeals and convenient on-the-go products) are the outperformingcategories. Meanwhile, growth in non-alcoholic drinks will outperform that of alcoholic drinks, as consumers take a more moderateapproach to alcohol consumption, cutting back on spirits in particular.
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