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Remittances driving the Consumer Foodservice Industry

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August 22nd, 2012


Remittances, or the transfer of money by a foreign worker to his/her home country, are driving the consumer foodservice industry, mainly driven by remittances to countries like Mexico and the Philippines. Michael Schaefer, head of consumer foodservice research at Euromonitor, states that the importance of remittances, as opposed to other forms of foreign direct investment, is that much of it is spent on consumption. Foodservice, he explains, is a large part of that consumption. Schaefer gives several examples of foodservice chains that have been directly affected by remittance flow.

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Michael Schaefer

Michael Schaefer is Head of Beverages and Foodservice Research at Euromonitor International. He and his team track consumer trends, product innovations, and market evolution across the drinks and restaurant industries. Michael holds an M.A. in Russian and East European Studies from Stanford University and has been at Euromonitor since 2005.