Spain Food & Drink Q4 2020
Spain is beginning to reopen its economy, allowing previously restricted sectors including food services to reopen. Wehold the view that the food and non-alcoholic drinks sector is positioned well, as grocery remained open during the country’slockdown. Furthermore, as the economic reality of Covid-19 continues to feed through to consumers, we expect the prioritisation offood and non-alcoholic drinks purchases to continue. This behavior is likely to be further supported by the growth in infection rates,which led to the reintroduction of new restrictions at the national level on bars and restaurants in August. Our medium-termforecast predicts that growth in food and drink sales will be driven primarily by premiumisation and healthy eating trends.Nevertheless, we maintain our view that overall growth rates will be relatively modest, given that per capita spending on food andnon-alcoholic drinks is already high.
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