Britons may be reeling from the international financial crisis, but few are crying into their beer. Beer sales are falling as the economy worsens, defying predictions in some quarters that consumers would buy their brew at supermarkets to escape higher prices at pubs. You can read the full story here. Here is an out take:
The British Beer and Pub Association reported Monday that total beer sales fell about 7 percent in the third quarter — the equivalent of 161 million fewer pints compared with the same period in 2007. Sales of the iconic British pint in pubs have been in decline for years, leading to the closure of thousands of hostelries around the country. Now the association’s Quarterly Beer Barometer reveals that the downturn has broadened to supermarket sales. “The accelerating decline in beer sales is a clear sign of a worsening economy, worried households and weakening spending,” said Rob Hayward, the association’s chief executive. Supermarket and liquor store sales fell 6 percent between July and September compared with the same period last year, slightly behind the 8.1 percent drop recorded for pubs, bars and restaurants.