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Catering price development during recession : the case of Slovenia
Gričar, Sergej ; Bojnec, Štefan
Current economic developments, financial conditions, the introduction of the Euro, and food price developments might have impacts on the catering industry prices. We employ the linear trend analysis ...on the time-series data to investigate whether and when the catering industry prices in Slovenia have statistically significantly responded to the economic developments outside the catering industry sector. We use monthly data from the Statistical Office of the Republic of Slovenia from January 2000 to August 2009. We have found: first, that the catering industry prices with the Euro adoption in Slovenia increased in December 2006 and this increased is statistically significant between December 2006 and March 2007. On the other hand, consumer prices increased significantly in March 2007. Second, catering industry prices were positively and significantly associated with the relatively higher food prices between June and September 2007 as well as between October 2007 and January 2008. Moreover, catering industry prices increased again in January 2008, while consumer prices in March 2008. Third, during the most recent economic recession, the catering industry prices have declined between January and March 2009. The index of the catering industry prices had the lowest value in December 2008. On the other hand, index of consumer prices hadthe highest value in March 2009, and the lowest in July 2009. We have found significant associations between the catering industry prices and consumer prices. The catering industry prices are negatively and significantly associated with the current economic developments following the Euro adoption and the global economic recession that are causing changing tourist economic behaviours at the European and world tourist markets.
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