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src="http://www.ibisworld.com/common/newsletter/images/TOCtopleft.gif" alt="" /> </td> <td class="WhiteTop"> <img src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com/common/newsletter/images/TOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td valign="top"> <table border="0" cellpadding="3" cellspacing="0"> <tr> <td rowspan="8"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="170" width="1" /> </td> <td colspan="2"> <p class="heading1"> IN THIS EDITION:</p> </td> </tr> <tr> <td width="30" align="center"> <a href="#aIndustry"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /></a> </td> <td class="tdToc"> <a class="menuitem" href="#aFeature">Feature Article: The United States of Armani  A Taste for the Finer Things into 2008?</a> </td> </tr> <tr> <td align="center"> <a href="#aFocus"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aFocus">Trends: China  Let the Good Times Roll!</a> </td> </tr> <tr> <td align="center"> <a href="#aRisk"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aRisk">Risk Analysis</a> </td> </tr> <!--<tr> <td align="center"> <a href="#aEconomic"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aEconomic">Economics & Demographics</a> </td> </tr>--> <tr> <td align="center"> <a href="#aEconomic"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aEconomic">Economic Scoreboard </a> </td> </tr> <!-- <tr> <td align="center"> <a href="#aRuthven"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aUpdated">Phil Ruthven - Presentation Material</a> </td> </tr>--> <tr> <td align="center"> <a href="#aNew"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aNew">What's New?</a> </td> </tr> <tr> <td align="center"> <a href="#aUpdated"> <img border="0" src="http://www.ibisworld.com/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aUpdated">Updated Reports</a> </td> </tr> </table> </td> <td class="DarkGray"> <img src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com/common/newsletter/images/TOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom"> <img src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com/common/newsletter/images/TOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> <td valign="top"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td valign="top"> <img src="http://www.ibisworld.com/common/newsletter/images/usdate.gif" alt="" /> </td> </tr> <tr> <td height="10" /> </tr> <tr> <td> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com/common/newsletter/images/PinkTOCtopleft.gif" alt="" /> </td> <td class="WhiteTop" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com/common/newsletter/images/PinkTOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="background-color: #DDCDC6; width: 256px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="148" width="1" /> </td> <td height="146" width="308"> <p class="heading1" style="text-align: center;"> DID YOU KNOW?</p> <p class="textCenter"> During fiscal year 2007, the US currency printing authority, the Bureau of Engraving and Printing, will produce approximately 38 million pieces of currency each day with a face value of approximately $750 million. On average, 45% of notes printed are $1 notes. </p> </td> <td class="DarkGray"> <img src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com/common/newsletter/images/PinkTOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com/common/newsletter/images/PinkTOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <!-- end header--> <table cellpadding="0" cellspacing="0" border="0"> <!-- main content--> <!-- industry in focus article --> <!--<tr> <td> <a id="aIndustry" name="aFeature"></a> <p class="heading2"> <br /> Easter</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p>You know its Easter when the sky greys and, helped by daylight savings, darkens earlier each night. You know it's close when fluffy bunnies and bright yellow chicks start to appear in the windows of high street shops. But most of all you know its Easter when you see brightly covered chocolate eggs and animals, and smell the freshly baked hot cross buns. With Easter now behind us, it is a good time to take a look at the confectionary manufacturing industry. </p> </td> </tr> </table> </td> --> <tr> <td> <a id="a3" name="aFeature"></a> <p class="heading2"> <br /> The United States of Armani  A Taste for the Finer Things</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p> At the moment in the US, there are two words on the nation's collective lips: sub-prime. Millions of defaulted loans, families becoming homeless, daily reports of hedge funds and financial institutions writing off billions of dollars, it is no wonder that reports of an upcoming recession are increasingly common. </p> <p> The conventional economic wisdom is that in periods of falling consumer confidence and personal discretionary income  both of which are accompanying the subprime crisis the first industries to experience difficulties are those offering luxury, that is, nonessential, goods or services to the public. However, IBISWorld believes that this time, after a prolonged period of booming growth and incomes, Americans have developed a taste for the finer things, and are reluctant to relinquish them. </p> <p> For example, the <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=975"> Confectionary Wholesaling</a> industry is forecast to grow by 18.3% in 2008, driven by increased spending on fine and imported chocolates, encouraging growth in high-end products. <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=289"> Wineries</a> are also expected to experience strong growth, at 5.3%. Under drought conditions, in a failing economy, this demonstrates the desire of the consumer to continue sampling higher-priced, luxury consumables. </p> <p> The importance of branding is becoming increasingly important, as homogenized luxury goods are expected to suffer, but the added value of a label such as Rolex or Rolls Royce tends to ensure that those who remain in the market for luxury goods will pay money to associate with the brand. </p> <p> Among <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=888">Jewelry Manufacturers</a>, there has been an acknowledgement that by stocking 'run-of-the-mill' products, consumers shop purely on price. However, retailers who stock one-off products appeal to consumers who are searching for a point of difference. Along with this is the growing importance of branding in luxury items, as the rampant growth exhibited by Louis Vuitton demonstrates. </p> </td> </tr> <tr> <td> <p class="ReportSectionTitle"> <br /> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=975"> Confectionary Wholesaling</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=289"> Wineries</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=888">Jewelry Manufacturers</a> </td> </tr> </table> </td> </tr> </table> </td> </tr> <!--end industry in focus article --> <tr> <!-- company focus article --> <td border="0" cellpadding="0" cellspacing="0"> <a id="aFocus" name="aFocus"></a> <p class="heading2"> <br /> <br /> China  Let the Good Times Roll! </p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620"> <p> Chinese economic growth is hardly a new story, but one thing that often goes overlooked is the extent of luxury spending the Chinese citizenry are undertaking. There is no greater indication of the newfound wealth of the Chinese than the amount of money they spend on goods and services that were once inaccessible. </p> <p> Foremost among these is the shift towards bottled water. The <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=159"> Chinese Bottled Water Manufacturing</a> industry is forecast by IBISWorld more than double in size in 2008, becoming a $10.5 billion industry in the process. Meanwhile, as those who once had no recourse but poor-quality tap water take advantage of its availability in supermarkets, those who had little or no running water are now capitalising on its availability. The <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=725"> Tap Water Production and Supply</a> industry is expected to grow by 29.3% in 2008, to $11.9 billion. </p> <p> This demonstrates the difference in what, exactly, in considered a luxury in Chinese society; many Chinese consider running water a considerable extravagance. Of course, some consumption is more conspicuous. The country's <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=571"> Motor Vehicle Production</a> industry is expected to expand by 29.5% to nearly $200 billion, as many Chinese eschew traditional modes of transport, such as bicycles, for the comforts of modern cars. </p> <p> Also, consumption of <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=127"> Chocolate and other Confectionary</a> is set to increase by 24.3%, as the industry expands to $4.6 billion, in order to keep up with China's collective sweet tooth. Couple with this is 20.8% growth in China's <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=940"> Fast Food</a> industry, as major players such as McDonalds enter the country with vigour. </p> <p> Also, the LVMH group, who own major luxury brands including Louis Vuitton apparel, Moet-Chandon wines and champagne and Hennessey cognacs, reported earnings growth of over 25% in 2007 in China alone, the region now accounting for around 16% of their global business. </p> <p> So, as China goes from strength to strength, even in the face of a weakening US economy, IBISWorld expects her citizens to continue to reap the benefits of living in the world's fastest growing country. </p> </td> <tr> <td> <p class="ReportSectionTitle"> <br /> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=159"> Chinese Bottled Water Manufacturing</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=725"> Tap Water Production and Supply</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=571"> Motor Vehicle Production</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=127"> Chocolate and other Confectionary</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=940"> Fast Food</a> </td> </tr> </table> </td> </tr> </table> </td> </tr> <!--end industry focus article --> <tr> <td> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <a id="a5" name="aRisk" class=""></a> <p class="heading2"> <br /> <br /> Easter 2008 <br /> <br /> </p> </td> </tr> <tr> <td valign="top" width="620"> <p> Easter falls on March 23 this year. Along with the usual festivities such as children painting eggs and the traditional Easter egg hunt on the White House lawn, this is also an important time of the year for Christian churches, who consider Easter and the period surrounding it to be the most important time of the year in the religious calendar. </p> <p> Overall risk in the <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=1743"> Religious Organizations industry</a> is expected to be at a MEDIUM level over 2008. Factors contributing to risk over the outlook period include expectations that church attendance levels will fall, and that slow growth in disposable income will discourage personal donations to churches and other religious organizations. A significant challenge to modern churches is the increasing number of people identifying themselves as 'non-religious or secular', though the introduction of more popular 'New Age' spiritual movements and foreign religions over the past decade has helped to maintain the industry. </p> <p> The <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=257">Seafood Preparation industry</a> is seen as benefiting from religious customs at this time of year, but nevertheless faces a MEDIUM-HIGH level of overall risk for the year. Significant challenges include stagnant consumption in recent times and increased import penetration. </p> <p> Below is an outline of the historical and forecast risk score of the above mentioned industries. These can be compared to overall risk for the US economy. </p> <table border="0" cellpadding="0" cellspacing="0" class="tbl"> <tr> <td width="" class="tbcDarkGreen"> <strong>Industry Name</strong> </td> <td width="" class="tbcLightGreen"> <strong>2004</strong> </td> <td width="" class="tbcLightGreen"> <strong>2005</strong> </td> <td width="" class="tbcLightGreen"> <strong>2006</strong> </td> <td width="" class="tbcLightGreen"> <strong>2007</strong> </td> <td width="" class="tbcLightGreen"> <strong>2008</strong> </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Religious Organizations</strong> </td> <td class="tbcWhiteLeftAlign"> 4.38 </td> <td class="tbcWhiteLeftAlign"> 4.60 </td> <td class="tbcWhiteLeftAlign"> 4.39 </td> <td class="tbcWhiteLeftAlign"> 4.07 </td> <td class="tbcWhiteLeftAlign"> 4.85 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Seafood Preparation</strong> </td> <td class="tbcWhiteLeftAlign"> 4.73 </td> <td class="tbcWhiteLeftAlign"> 4.75 </td> <td class="tbcWhiteLeftAlign"> 5.28 </td> <td class="tbcWhiteLeftAlign"> 5.18 </td> <td class="tbcWhiteLeftAlign"> 5.28 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>US Economy</strong> </td> <td class="tbcWhiteLeftAlign"> 4.56 </td> <td class="tbcWhiteLeftAlign"> 5.01 </td> <td class="tbcWhiteLeftAlign"> 4.97 </td> <td class="tbcWhiteLeftAlign"> 4.97 </td> <td class="tbcWhiteLeftAlign"> 4.99 </td> </tr> </table> <tr> <td> <p class="ReportSectionTitle"> <br /> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=1743">Religious Organizations industry</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com/redirect.aspx?partnerid=News&indid=257">Seafood Preparation industry</a> </td> </tr> </table> </td> </tr> </td> </tr> </table> </td> </tr> <!-- end industry risk article --> <!--end industry focus article --> <tr> <!-- economics article --> <td> <a id="aEconomic" name="aEconomic" class=""></a> <!-- <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <a id="aEconomic" name="aEconomic" class=""></a> <p class="heading2"> <br /> <br /> Economics and Demographics: Exchange Rates ? Australian dollar vs US dollar. </p> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td width="620"> <p> Over the second half of FY2005-06, the <a href="http://www.ibisworld.com/bed/retail.aspx?bedid=90"> Australian dollar</a> continued to fluctuate around the US$0.75 mark. The Aussie fell to a low of US$0.7021 in late March, but recovered to a high of US$0.7692 in mid-May. The Australian unit ended the financial year slightly below the annual average of US$0.7572. At the end of June, the Australian dollar was buying US$0.7433. </p> <p> The Australian dollar has been appreci