Hey guys,
Do you know how to estimate the sales of instant coffee in UK for the next 4 years? I don't have any historical data, I just have the sales of the current year 47,000 tonnes. My approach would be to multiply the sales of the current year per (1+@*GDP pro capita growth rate) where @ is a a factor between -1 and +1 that indicates how much the sales of instant coffee is correlated to the GDP pro capita growth rate, I assume that is positive and around 0,5
Do you think my approach is correct?