US: Recession hits spirits market growth
Spirits shipments fell by 5.4% in November, compared to the same period last year, according to data from the National Alcohol Beverage Control Association.
The slip means that spirits market growth for the last three months of 2008 was 2.7%, said Analyst group Bernstein in a note today (12 January). Annual growth rate was 3.2%, it said, roughly matching expectations.
Both Diageo and Pernod Ricard have lost ground as the impact of the US financial crisis spills over into the consumer goods sector.
Bernstein analyst Trevor Stirling told just-drinks: "Six months ago it looked as if Diageo was immune to recession, now we are starting to see an impact."
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