Remittances driving the Consumer Foodservice Industry
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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