Mr. Mills: Effectively, the way the consumer services are divided in Europe is that you have analysts who follow beverages, some who follow household goods and personal care, some who do tobacco and some who do food producers. And the food producers is really where we come in. So really I pick up food and therefore, from your point of view, the confectioneries. I used to follow the U.S. beverage industry because obviously Cadbury used to own Schweppes. So I certainly used to follow it as a part of Cadbury. But since Cadbury demerged that business earlier last year, I no longer do.
TWST: Looking specifically at Cadbury and Nestle, how have their candy sales held up during the recession?
Mr. Mills: Candy does very well in a recession. It's basically viewed, if you like, as a cheap treat. A quick candy bar, a Milky Way bar, Mars bar or Snickers always makes you feel a little bit better. It's a sufficiently low-priced item that is not particularly price sensitive, which is certainly true of the developed world. There is no real indication from what we have seen, or if you go back historically, there has never been any indication of confectionery suffering in economically tough times.
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