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This is an amazing news that Food Firms Cook Up Ways to Combat Rare Sales Slump
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The packaged-food industry has long touted itself as recession-proof. Strapped consumers are shattering that assumption, setting off a frenzy in the nation's supermarket aisles and cooking labs. In the last quarter of 2008, consumer spending on food fell by an inflation-adjusted 3.7% from the previous quarter -- its steepest drop in 62 years, the Commerce Department said. So, food giants are racing to adapt to what they believe is a lasting shift in eating and shopping habits
Food executives worry that shrunken nest eggs -- along with an overhang of home foreclosures, personal bankruptcies and credit-card debt -- may cause shoppers to tighten the purse strings indefinitely.
