That's cheery news not only for German retailers, but also for the EU
Commission and the United States.
I got a sense of that mood on a recent visit to the historic capital of Normandy. After a 90-minute train trip from Paris, my family and I arrived in Rouen with a ready desire to explore. We put our bags down at our cheery hotel, the Mercure Rouen Centre Cathédrale, in a room overlooking the Cathedral Notre-Dame de Rouen, also known as the Rouen Cathedral.
Many scour the internet for special deals. According to a report by PwC, a consultancy, 93% of shoppers say they have changed their behaviour as a result of the economic downturn.
Many have traded down from name-brand to store-brand products. Alarmingly for, say, Kellogg's or Heinz, many have discovered that Tesco's cornflakes and Wal-Mart's baked beans taste no worse. A survey of 2,500 American households by Consumer Edge Research found that supermarkets' own labels have become increasingly popular, especially for staples such as milk, peanut butter, bottled water and cooking oil. Trading down is most common among households with an income of more than $100,000 a year. (Poorer people bought fewer posh brands in the first place.) Store-brand goods are especially popular in Spain, the Netherlands and Germany (see chart).
Consumers are also trading down from one name-brand to another: for example, from Lindt chocolates to Cadbury's. Some 18% of packaged-goods buyers switched from a premium brand to a cheaper one during the recession, according to McKinsey, another consultancy. Most said they found that the pricier brand "was not worth the money".
Companies with a strong presence in emerging economies have the rosiest prospects. Shoppers in China and Brazil are trading up to foreign brands, making up for some of the new frugality in the West. Mr McDonald tries to sound cheery. In 173 years, P&G has survived many recessions. No doubt, but what if this one teaches consumers that supermarket brands are just as good and, when the economy recovers, they spend their extra cash on holidays or college fees instead?
cheery
Pronunciation: /ˈtʃɪəri/
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