Boston, MA -- (ReleaseWire) -- 11/08/2012 -- Canadian consumers leveraged up during the global downturn in 2008-09, which helped to underpin consumption and the economy as a whole. Now, the debt overhang threatens to curb consumption growth. We are forecasting relatively weak real private consumption growth of 1.9% in 2012 and 2.0% in 2013. Households will continue to restrain expenditure amid stretched balance sheets, and while income growth remains subdued. Furthermore, the national housing market could be due a correction, with prices gains among the highest in the developed world over the past four years, and mortgage conditions tightening.
Headline Industry Data (local currency)
- 2012 per capita food consumption value = +1.9%; forecast to 2016 = +7.7%
- 2012 alcoholic drink value sales = +4.1%; forecast to 2016 = +24.1%
- 2012 soft drink value sales = +5.1%; forecast to 2016 = +21.8%
- 2012 mass grocery retail value sales = +3.6%; forecast to 2016 = +16.3%
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Key Company Trends And Developments
McCain Signs Deal To Acquire CelaVita: In July 2012, Canada-based frozen foods company McCain signed a deal to acquire Netherlands-based chilled potato producer CelaVita, a subsidiary of Dutch firm Bieze Food GroupMcCain Foods Holland. The deal will enable McCain to acquire the CelaVita and La Menute brands. Moreover, the deal is expected to fortify McCain's core potato business.
Target Entry: In July 2012 it was revealed that US-based retailer Target Corp is to recruit as many as 27,000 people in Canada including 300 new staff for its Canadian headquarters in Mississauga. The company is to enter Canada in 2013 and plans to open 125-135 new stores across the country. Around US$10mn-11mn will be spent by Target to remodel each store, with the majority opening in 2013.
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