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Cash-strapped consumers are embracing inexpensive meal alternatives, eat more meals at home and seek convenient and inexpensive options such as cereal, sandwiches, ramen, and macaroni and cheese. So, even with rising ingredient prices, it’s been a banner year (so far) for food companies.
Marc Goldstein, president and CEO of media agency conglomerate GroupM North America, told attendees at the annual Advertising Week Conference in New York City that he is confident many companies will not cut back on advertising in 2009, despite the troubled economic conditions, reports Mediaweek.
Americans are still reaching for small pleasures despite shrinking pocketbooks, according to new research from Chicago-based Mintel. Sales for chocolate, cigarettes and alcohol are strong and steady, and historically, these "sin stocks" have performed well during times of economic recession.