newspaper article is from Reuters but listed in the “Sydney Morning Herald”. It
talks about how Panettone sales continue to defy the Italian financial crisis:
Panettone sales defy Italy's crisis
Date: December 23, 2013 - 9:54AM
iconic panettone. Photo: Steven Siewert
Italians are refusing to let recession stop them enjoying their iconic
panettone Christmas cake, and are even embracing variations on the tightly
Italians ate about
38,000 tonnes of the dome-shaped cake last Christmas, according to industry
association AIDEPI, and the two biggest producers are confident this year's
sales will hold up.
With a few days to
go until Christmas, market leader Bauli said this year's orders could still
outstrip 2012 and Maina, the second biggest producer, expects its sales to rise
more than 20 percent in 2013.
holding on despite economic difficulties, showing the Italian consumer does not
intend to give it up," said Marco Brandani, chief executive of Maina.
Bauli chairman, said his company expected to make about 500 million euros ($765
million) from all its baked goods this year, up from 483 million euros last
shopping for Christmas during the country's longest recession for 60 years, are
still choosing expensive panettone, which can cost €5 ($7.65) in the
supermarket but sells for upwards of 28 euros in upmarket bakeries.
being careful about what they spend, but they want quality," said Antonio
Cipriani, standing behind the counter at his cafe and bakery in central Milan.
"They might buy one panettone instead of two, or a smaller one."
panettone weighs 1 kg and takes 30 hours to make from a precise mix of flour,
butter, eggs and sugar that has been enshrined in Italian law since 2006.
Mr Cipriani said
variations on the traditional product, such as a lighter "focaccia"
version reminiscent of the Italian loaf, and containing pieces of pineapple,
had been popular this year.
Cakes that stray
from the regulations cannot be labelled panettone, but this does not deter
dessert enthusiasts, according to Giovanna Casale, whose company Olio Carli
makes a "sweet Christmas cake" using olive oil in place of butter.
"I would say
sales have been rising," Ms Casale said.
Mr Maina says sales
of its panettone filled with goodies such as chocolate or coffee cream have
risen by 35 percent this year. It has also introduced a savoury version.
To appeal directly
to foreign markets, it has also developed new flavours, such as peanut butter
for the United States and Grand Marnier orange liqueur for the British market.
"We have tried
to adapt the traditional recipe to their tastes," said Mr Brandani. Maina
made 13 percent of revenue from exports last year, more than the average of
less than 10 percent of turnover made by Italian panettone makers from sales
panettone accounts for just under half of all Christmas cake sales in Italy,
according to AIDEPI.
Mr Bauli says its
significance goes beyond the pleasure of a tasty treat for families at
products also have a religious connotation," Mr Bauli said. "Breaking
bread together has a special meaning."
Labels: Newspaper articles