Although some changes could be expected due to changing market conditions, such as
increased “out of home” consumption through the opening of major coffee retail outlets, and the
impact of generic promotion, more analysis is required utilizing comprehensive information of all
competing beverages in order to establish the nature and magnitude of the changes in consumer
choices, if any. Also, better data and a dynamic specification might give more reliable results. Indeed,
the use of proxies for retail prices may lead to underestimation of the elasticities. If such analysis
should continue, the Group is requested to provide the information required to undertake the analysis.