Ireland Food & Drink Q4 2020
We hold a generally positive outlook for food and drink spending in Ireland over the medium term to 2024, driven bystable incomes, a healthy national appetite and growing upselling potential. However, as Ireland's reopening of economic activitylags behind European peers, we expect the hospitality and gastronomy sectors to experience a much slower recovery. The Covid-19shocks will restructure consumer spending as stay-at-home efforts encourage households to allocate greater amounts to groceriesand non-alcoholic drinks. Over the coming years, steady labour market dynamics will support private consumption and boost thedual consumer trends of premiumisation and healthification now seen in the food and drink sectors. We expect the upcomingeconomic recovery to sustain greater disposable incomes from 2021 onwards. The macro risks are presently weighed to thedownside as a protracted multi-year recession across the EU driven by additional waves of Covid-19 infections cannot be ruled out.
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