Nielsen Review of US Consumer Market

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Nielsen Review of US Consumer Market

  1. 1. Winning the Confectionery Consumer March 5, 2009 Todd Hale SVP Consumer & Shopper Insights James Russo Vice President Marketing
  2. 2. <ul><li>Economic Update </li></ul><ul><li>How Are Consumers Reacting? </li></ul><ul><li>What Are Consumers Doing Differently? </li></ul><ul><li>Manufacturer & Retailer Actions </li></ul><ul><li>What to Watch </li></ul><ul><li>The Outlook </li></ul><ul><li>What to Do Now </li></ul>Agenda
  3. 3. Executive Summary: Implications & Opportunities <ul><li>Global economies mired in a consumer spending driven recession </li></ul><ul><li>Since 1948, nine U.S. recessions averaging 11 months </li></ul><ul><li>Each recession has been followed by economic expansions averaging four years </li></ul><ul><li>The system is ridding itself of excesses & we are on the verge of a potential fundamental shift in how consumers shop & buy </li></ul><ul><li>Consumers fulfilling basic over discretionary needs </li></ul><ul><li>Pervasive trading down </li></ul><ul><li>Companies best positioned for growth will deliver value in the short term & innovation in the long term </li></ul><ul><li>The ability to understand consumers, categories, channel, media in increasingly granular levels will deliver insights & reveal opportunities to drive success </li></ul>
  4. 4. Overheard Across the Globe… Source: Nielsen DeltaQual: Qualitative Feedback from around the globe, 4Q2008 I now go to Aldi’s. It’s so cheap my girlfriends have also changed, so it’s not just me… Also I buy the cheapest in everything except foods & shampoo Down trading on stores & brands We eat out less & cook more … still buy chocolate & wine though The Netherlands Struggling for a sense of normality We watch more movies at home, more board games – I bake a lot more. It’s really hard to eat healthy though, when you are trying to save money More cocooning in home Controlling usage- Back to basic, familiar brands I try not to stock up. Just buy what I need for the month… Across countries I buy more frozen foods… I can control how much I use & I don’t waste anything UK I used to have 2 cups of coffee at Starbucks everyday. I’ve stopped that as well as my weekly manicure. The Latte Effect I make inventories of what’s in the kitchen & try to use everything I have before buying more. I wait for the sales & stock up. Depleting Inventories Lateral shifts in categories I don’t experiment with new items… which I used to before. I just buy something familiar.. Across countries
  5. 5. Forces at Work…Consumer Wallet Pressures <ul><li>Lower Spending Power </li></ul><ul><li>Home/stock portfolios losing value </li></ul><ul><li>Tighter credit </li></ul><ul><li>Existing job income flat </li></ul><ul><li>Unemployment rising </li></ul><ul><li>Rising Costs </li></ul><ul><li>Personal debt servicing </li></ul><ul><li>Home energy </li></ul><ul><li>Transportation </li></ul><ul><li>Household expenditure </li></ul><ul><li>Medical </li></ul><ul><li>Education </li></ul>Consumers Squeezed
  6. 6. Weakening Labor Market: Over 3.5 Million Job Losses Since Dec 2007 U.S. Total Non Farm Employment (Seasonally Adjusted Change from Previous Mos) Unemployment surges to 7.6%; highest monthly loss since 1974
  7. 7. How Are Consumers Reacting?
  8. 8. Declining Consumer Confidence: Current Expectations at Record Lows: Feb Plummets Source: The Conference Board – Nine census regions, 5,000 US households 2001 2002 2003 2004 2005 2006 2007 2008 Recession, 9/11 Corp Scandals War War Rebound Spike In Gas prices Huge job gains Fall in gas prices Housing, Energy, Credit, Economy Katrina
  9. 9. More At-Home Meal Preferences Source: Homescan®, a service of The Nielsen Company – Panel Views Survey
  10. 10. Retail Sales Stalled in 4 th Quarter of 2008 Source: Dept of Commerce: % Chg vs. previous year % change in retail sales (ex-auto) 2008 2007 2006 2005 2004 2003 2002 2001 1999 Sep vs prior month Oct Nov Dec Jan +1.0%
  11. 11. Same Store Sales Reflect Consumer Actions Targe t Nordstrom JCPenney Home Depot Kohls Stock Up & Save Discretionary Spending Value & Convenience Source; Jan ‘09 results (excl fuel) for all but Kroger, Safeway, SuperValu, Dollar General, Family Dollar, Dollar Tree, CVS, Whole Foods, Home Depot – latest report Same Store Sales Growth Latest Reported Quarter Carrefour +3.2% Metro C&C +3.2% Delhaize U.S. + 2.5% Delhaize Belgium + 2.2% Loblaws + 3.0% SuperValu Macys Whole Foods
  12. 12. What Are Consumers Doing Differently? Page TH
  13. 13. Behavioral Shifts are Gradual & Immediate Trips to value channels growing since 2001 Coupon Usage increasing PL unit sales outpacing Branded Source: Nielsen Homescan and RMS, Label Trends, Nielsen Online through Sept. Nielsen Entertainment through Sept, PL 11/1/08 Consumers increasingly using internet to find ways to save H&W slowing, but still strong TV viewing up; movie going flat
  14. 14. Dramatic Declines in Discretionary Trips 2008 versus 2007 Percent Change Trip Generators Trip Avoiders Source: Homescan®, a service of The Nielsen Company Excludes gas only trips
  15. 15. Low Income Taking More Drastic Trip Cuts, More Affluent Driving Trips to Value Channels Source: Homescan®, a service of The Nielsen Company Excludes gas only trips Shopping Trips by Household Income 2008 versus 2007 Percent Change
  16. 16. Good Start to 2009, but 1 st Period in ’09 Includes Two Additional Days Before New Years Eve Trip Generators Trip Avoiders Source: Homescan®, a service of The Nielsen Company Excludes gas only trips % Change in Shopping Trips
  17. 17. Edible Departments Driving Dollar Growth Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year)
  18. 18. Unit Sales Off 1.5% Across the Store – Largest Declines from Non-Edibles, Candy & Gum Inflation & weakening economy driving consumers to make trade-offs or buy less Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year)
  19. 19. Worsening Sales in Recent Quarter & 4-week Period as Inflationary Pricing Eased Latest Unit prices for fresh eggs & milk down 12% & 8% in latest period Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year)
  20. 20. Sales Within Non-Edibles, Candy & Gum Leading Unit Decline Latest Total Dairy Fresh Meat Deli Fresh Produce Alco Bev Dry Grocery Frozen Pkgd Meat HBA Non Food General Merch Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year) Gum Candy
  21. 21. Boom vs. Bust: Consumers Actions Tell the Story <ul><li>2005 vs. 2004 </li></ul><ul><li>% Chg Unit Sales Leaders </li></ul>Desserts - Dairy 18% Mens Toiletries 14% Tea 13% Yogurt 11% Bottled Water 10% Dressings / Salad 9% Seasonal Merchandise 9% Cough & Cold 8% Wine 7% Grooming Aids 6% Personal Bath Needs 6% Frozen Prepared Foods 5% Breakfast Foods 5% Frozen Vegetables 5% Skin Care 5% Source: Scantrack, a service of The Nielsen Company Canning & Freezing Supp 11% Wine 7% Vitamins 5% Fresh Meat 5% Dry Vegetables & Grains 5% Dry mix Prepared Foods 4% Flour 3% Ref Juice & Drinks 3% Salads, Prep Foods & Deli 3% Frozen Novelties 3% Frozen Vegetables 3% Yogurt 2% Jams & Jellies 2% Liquor 2% Cough & Cold 2% 2008 vs. 2007 % Chg Unit Sales Leaders
  22. 22. Consumers Increasingly Turning to Store Brands as Economy Weakens Total Store Brand Items Avg Unit Sales Growth: 4.5% Driver of growth: Consumables Departments: Fresh Produce, Bev-AL, Fresh Meat, Frozen Foods, Deli, Dairy, Dry Grocery Store Brands Branded Total Branded Items Avg Unit Sales Declines: -3.6% Driver of decline: Discretionary Departments: General Merchandise, Non- Food, HBA & Many Food Departments % Unit Sales Growth for last 6 (4wk) periods Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year)
  23. 23. Retailers & Manufacturers Facing Significant Decisions Page JR
  24. 24. Forces at Work: CPG Pressures <ul><li>Slowing sales </li></ul><ul><li>Consumer Trends </li></ul><ul><li>Growth of value retailers </li></ul><ul><li>Long term private label trends </li></ul><ul><li>Deflationary Trends </li></ul>Retail Prices Marketplace factors Margin Pressures on both CPG Manufacturers & Retailers! <ul><li>Trading Out & Trading Out </li></ul><ul><li>Transportation costs </li></ul><ul><li>Sustainability trends –renewable energy </li></ul><ul><li>Commodity prices </li></ul><ul><li>Media Shifts </li></ul>
  25. 25. Retailers: Extending Discounts & Delivering Value <ul><li>“ Ways to $ave with Walgreens” via on-line ads, rebates & coupons </li></ul>“ most valuable card in your wallet” - buy 1 get 1; 10 for $10; Good ‘til; Winn-Dixie brands; locked in low price this month “ have a restaurant-quality meal at home once a month and save $425 a year ” Customers who sign-up for $40 annual membership get $10 gift card “ Save $3,000 with Meijer brand” on-line link to Today Show video on how to save w/store brands “ The Whole Deal value guide … over $30 in coupons, 13 budget recipes, money saving tips and more!” Offering ways to feed a family of four for $8 or less. Similar programs: HEB, Food Lion, Kroger Fuel Your Family Meal Solutions – on-line contest for shoppers to enter & win year’s worth of groceries Source: Company Websites
  26. 26. Manufacturers: Pitching “Value” & Increasing Ad Spending <ul><li>Search-engine optimization when consumers type &quot;cereal&quot; plus &quot;deals&quot; or &quot;value&quot;, Kellogg's Web site will pop up </li></ul>The original dollar menu campaign. 10 cans soup for $10 Jointly promoting with Kraft: soup & grilled-cheese sandwiches Local word-of-mouth campaign &quot;So good for so little“ First time in more than a decade, advertising Banquet frozen dinners 15-second TV commercial for Kool-Aid showing how four pitchers of Kool-Aid cost same as a two-liter bottle of soda Planning increase in ad spending & expanding number of brands it advertises, including Dinty Moore stews Announced plans to increase consumer marketing 8% to 12% in its new fiscal year as part of a two-year growth plan Advertising expected to top $1.55 billion it spent last year &quot;DiGiornonomics” Multimillion dollar campaign Using online & targeting individuals to a narrower focus of consumers Source: Company Websites
  27. 27. Impact on Advertising Page
  28. 28. Media Shifting: Decline in Ad Spending Widening Page Source: Nielsen Monitor-Plus (Jan.-Sept 2007 and Jan.-Sept 2008). - Internet advertising expenditures account for CPM-based, image-based advertising. Cable TV Syn. TV Hisp Cable TV FSI Local Mag Spot Radio Nat Mag Total Ad Spending Nat Newspr Hisp TV In- ternet Net- work radio Nat Sun Supp Spot TV Out- door B2B Local Newspr Local Sun Supp Jan – Sept 2008 vs. YAGO Next > < Back Main Menu 19% Of Tlt 2% 1% .2% 4% 17% .4% .3% 2% 3% 1% 14% 6% 1% 3% .4% .07%
  29. 29. Top 10 US Categories Source: Nielsen Monitor-Plus (Jan.-Sept 2007 and Jan.-Sept 2008) 0% Furniture Stores 9% Restaurant 27% Direct Response Product 8% Department Store 0% Wireless Telephone Services 1% Motion Picture 11% Quick Service Restaurants -3% Auto Dealerships – Local -4% Pharmaceutical -8% Automotive (Factory & Dealer Assoc) % Change Product Category
  30. 30. Top 10 US Companies Source: Nielsen Monitor-Plus (Jan.-Sept 2007 and Jan.-Sept 2008) -3% PepsiCo 19% General Electric -11% Time Warner 5% Johnson & Johnson -23% Ford Motor -4% Toyota Motor 10% Verizon Communications -2% AT&T -4% General Motors -7% Procter & Gamble % Change Product Category
  31. 31. Which Levers Do You Pull? Analytics & Insights TH Packaging Pricing Private Label Promotion Advertising In-Store Assortment Innovation
  32. 32. Consumers Generally Prefer Larger Sizes with Lower Price per Serving Source: Homescan®, a service of The Nielsen Company – Panel Views Survey
  33. 33. Retailer Brand $ Share Varies by Department 16.6% AVG ( + 1.0 pts) > Development in food & beverage; share growth in all dept’s but Bev/Al (+1.1 +1.0 +1.2 +0.5 +0.9 +1.7 +0.7 +0.9 +0.2 +0.2 -0.1) Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year) +0.2 0.0
  34. 34. Retailer Brand Unit Share Varies by Department 20.9% AVG ( + 0.9 pts) > Development in food & beverage; share growth in all dept’s but Bev/Al Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year) (+1.4 +1.1 +0.9 +0.8 +0.3 +0.8 +0.3 +0.5 +1.3 +0.3 0.0 0.0) +0.5
  35. 35. Stronger $ Growth from Store Brands & Overlap in Four Mega-Categories Categories on both lists Non-edible Categories Top 15 Fastest Growing Categories (% $ Change) Food dominates both lists Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year) –*minimum $100 million in sales Store Brands* Branded* 19% Canned Vegetables 8% Car Accessories 19% Fresh Produce 8% Shortening & Oil 21% Frozen Pizza & Snacks 8% Baking Mixes 21% Syrup & Molasses 8% Fresh Meat 22% Detergents 9% Dry Mix Prepared Foods 22% Coffee 9% Yogurt 23% Crackers 10% Fresh Eggs 23% Cheese 11% Pet Food 29% Salad Dressings & Mayo 11% Cough & Cold Remedies 31% Baby Food 12% Butter & Margarine 34% Frozen Breakfast Foods 14% Season Gen Merchandise 36% Dry Vegetables & Grains 19% Canning & Freezing Supplies 37% Shortening & Oil 22% Pasta 40% Pasta 24% Dry Vegetables & Grains 60% Flour 25% Flour
  36. 36. Stronger Unit Growth from Store Brands & Minimal Duplication in Categories Top 15 Fastest Growing Categories (% Unit Change) Categories on both lists Non-edible Categories Non-edible success for Store Brands Source: Scantrack, a service of The Nielsen Company ; (FDM w/ Walmart) 52 weeks ending 01/24/09 (versus prior year) –*minimum $100 million in sales Store Brands* Branded* 8% Salad Dressings & Mayo 1% Pasta 9% Canned Vegetables 1% Baking Supplies 9% Coffee 2% Packaged Milk & Modifiers 9% Nuts 2% Liquor 10% Cheese 2% Dressing, Salad, Prep Foods 11% Frozen Pizza & Snacks 2% Bottled Water 11% Ice Cream 2% Dry Vegetables & Grains 11% Fresh Produce 3% Frozen Novelties 11% Breakfast Foods 3% Refrigerated Juices & Drinks 11% Detergents 4% Puddings/Desserts - Dairy 12% Shortening & Oil 4% Dry Mix Prepared Foods 12% Frozen Breakfast Foods 4% Fresh Meat 22% Flour 6% Vitamins 24% Candles & Incense 7% Wine 47% Baby Food 11% Canning & Freezing Supplies
  37. 37. Store Brand Growth – Linked to Downturn or Long-term Trend? <ul><li>Don’t let price gaps get too large & drive declining category sales </li></ul><ul><li>Don’t de-list high penetration, high frequency or strong niche brands & drive shoppers to retailers who carry them </li></ul><ul><li>Do promote store brands with brands where there is limited shopper overlap to drive category sales </li></ul><ul><li>Do promote store brands along with non-competitive or complimentary branded offerings to build larger baskets </li></ul><ul><li>Do select credible suppliers & hold them to high standards </li></ul>Retailer Do’s & Don’ts:
  38. 38. Store Brand Growth – Linked to Downturn or Long-term Trend? <ul><ul><li>Be current in branded versus store brand pricing analytics </li></ul></ul><ul><ul><li>Be proactive in assortment analytics to show why your brand assortment aligns well w/store brand assortment </li></ul></ul><ul><ul><li>Provide retail partners with analytics to show which of your branded offerings make good promotional partners </li></ul></ul><ul><ul><li>Take a collaborative approach to how you assess branded versus store brand risks & opportunities – retailer focus has never been greater </li></ul></ul><ul><ul><li>Explore options for using excess capacity for store brand production </li></ul></ul>Manufacturer Do’s & Don’ts:
  39. 39. <ul><li>During the early 1980s recession, companies that maintained aggressive sales & marketing efforts during recessions enjoyed more growth after the recession </li></ul><ul><li>Greater successes to those who keep their foot on the gas, despite – or even because of – the economy </li></ul>Investing During a Recession Helps You Emerge in a Stronger Position Source: McGraw-Hill Research
  40. 40. What To Watch Page JR
  41. 41. Developments Which Could Help Avert Deep Recession Decreasing Demand for Crude Oil Since July Highs: Crude -73% Retail Gas -53% Aggressive Fiscal and monetary policy Sources: EIA, Euro: Belgium, France, Germany, Italy, Netherlands, UK S&P GSCI returns qtr 2/11/09 Strengthening U.S. Dollar Dollar vs. Euro: +25.13% Decreasing Commodity Prices Latest 3 mths Agri -2% Indust. Metals -22% Live- stock -9%
  42. 42. Record Numbers of Store Closings? <ul><li>Starbucks closing nearly 1,000 underperforming stores worldwide in less than 2 years </li></ul><ul><li>Circuit City closing all 567 store </li></ul><ul><li>Linens ’n Things – closing all 571 stores & shifting to online model </li></ul>
  43. 43. Record Numbers of Store Closings? <ul><li>SuperValu – 50 </li></ul><ul><li>Sear’s Holding – 24 </li></ul><ul><li>Bruno’s – 10 </li></ul><ul><li>Penn Traffic – 8 </li></ul><ul><li>Sweetbay – 7 </li></ul><ul><li>Sam’s Club (Canada) – 6 </li></ul><ul><li>Bashas’ – 5 </li></ul><ul><li>A&P SuperFresh – 5 </li></ul><ul><li>………… </li></ul><ul><li>Lane Bryant/Catherine's – 150 </li></ul><ul><li>Sprint – 133 stores </li></ul><ul><li>FYE – 130 </li></ul><ul><li>Office Depot – 112 stores </li></ul><ul><li>Zales – 105 </li></ul><ul><li>Macy’s – 10 </li></ul><ul><li>……… </li></ul>
  44. 44. Store Closings – How Will they Impact Your Business? <ul><li>Opportunity for retailers to grab cheap property, expand store count & enhance market share </li></ul><ul><li>Threat to retailers relying on traffic draw from closed site(s) – be prepared to relocate quickly </li></ul><ul><li>Threat to manufacturer sales – be prepared to shift sales efforts to winning retailers </li></ul>
  45. 45. 2009 Convenience Channel Industry Forecasts Categories to Watch in 2009: Forecasted % Change in 2009 Dollar Sales Candy Tobacco Beverages SNKS CSNews Industry Forecast Study
  46. 46. The Chocolate Candy Category: Impacted by Higher Pricing & Economic Pressures Eco Conditions Worsen Source: Scantrack, a service of The Nielsen Company ; FDM excluding Walmart + C-Stores
  47. 47. The Premium Chocolate: The “Wave” Has Crashed as Unit Decline in Latest Periods Source: Scantrack, a service of The Nielsen Company ; FDM excluding Walmart + C-Stores
  48. 48. Dark Chocolate: Signs of Leveling Off After Two Years of Strong Growth $290M $816M $746M $517M $370M $327M +9.4% +44.3% +39.7% Source: Scantrack, a service of The Nielsen Company ; FDM excluding Walmart + C-Stores
  49. 49. Chocolate Singles: Unit Sales Continued Declines As Pricing Increases Source: Scantrack, a service of The Nielsen Company ; FDM excluding Walmart + C-Stores
  50. 50. The Outlook Page
  51. 51. Leading Indicators Remain Near Record Lows: Near term recovery (3-6 mths) not expected Page Positive Neutral Negative Sources: U.S Leading Economic Indicators Next > < Back Main Menu Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Index of Leading Indicators: Composite of ten indicators Equity Markets (Dow, NASDAQ, S&P) Consumer Expectations Index Building Permits New Factory Orders Capacity Utilization Productivity: Output per man-hour worked Weekly Jobless Claims: 4 wk moving avg Avg weekly hours worked Help wanted Ad Indexes
  52. 52. Page Rising unemployment & declining consumer expenditures has US economy in worst shape in at least a quarter century As economy stalls, consumers shifted to store brands, while reducing their spending per trip 2008 2009(E) 2010 (E) GDP 1.3% -1.2% 2.2% Consumer Spending 0.3% -1.6% 1.9% Inflation Rate 3.8% 0.1% 2.3% Unemploy. Rate 5.8% 8.0% 8.1% Savings Rate 1.7% 5.1% 5.2% USA Summary Jul 08 Aug 08 Sept 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Nielsen Market Index Volume* Nielsen Market Index Value** Are consumers moving to Store Brands? Are shoppers shifting to value channels? Are retailers selling more on promotion? Are consumers shopping more frequently? Are consumers spending more per trip? Nielsen Global Consumer Confidence^
  53. 53. What to Do Now Page TH
  54. 54. Not All Shoppers Use the Same Coping Strategy During Down Economy Source: Homescan®, a service of The Nielsen Company 52 weeks ending 12/27/08 Economic Impact Shopper Segments
  55. 55. Category Sales Opportunities to Win in Down Economy Varies by Segment $ Buying Rate Index Source: Homescan®, a service of The Nielsen Company 52 weeks ending 12/27/08 107 104 101 116 96 90 97 98 Candy 86 66 91 103 101 87 109 119 Wine 110 88 97 103 102 96 100 103 Gum Panic Stricken Disloyal/Promotion Sensitive Switch Stores for Deals Stock-up & Save Light Coupon & Sales Switch to Private Label Recession Insensitive Recession Indifferent Nielsen Economic Impact Segmentation:
  56. 56. Promotion Support Required to Win in Down Economy Varies by Segment $ Buying Rate Index Deal Index Source: Homescan®, a service of The Nielsen Company 52 weeks ending 12/27/08 133 106 120 153 113 44 73 80 Candy 107 104 101 116 96 90 97 98 Candy 86 66 91 103 101 87 109 119 Wine 110 88 97 103 102 96 100 103 Gum 77 80 119 105 127 44 85 114 Wine 128 Panic Stricken 124 Disloyal/Promotion Sensitive 124 Switch Stores for Deals 155 Stock-up & Save 117 Light Coupon & Sales 46 Switch to Private Label 66 Recession Insensitive 73 Recession Indifferent Gum Nielsen Economic Impact Segmentation:
  57. 57. Challenging but Opportunistic Times in 2009 <ul><li>Existing behavior will intensify: </li></ul><ul><li>- Greater at-home related opportunities </li></ul><ul><li>- Fulfillment of basic over discretionary needs </li></ul><ul><li>- Pervasive trading down </li></ul><ul><li>- Variety & convenience take a back seat to value </li></ul><ul><li>Don’t assume consumers are not willing to pay a premium </li></ul><ul><li>Utilize advertising to communicate why your brand should be bought exactly at the point when consumers are thinking about every purchase </li></ul><ul><li>More than ever, the ability to understand consumers, categories, channel, media at an increasingly granular level will deliver the insights to drive success </li></ul>
  58. 58. Nielsen Economic Advisor: What You Need To Know March 5, 2009 Todd Hale, SVP, Consumer & Shopper Insights James Russo Vice President, Marketing
  59. 59. Thank You

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