How snack makers are trying to win back fed-up consumers [MSNBC.com]
PepsiCo, Inc. (PEP)
Last pepsico, inc. earnings: 4/28 06:03 am
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Source: MSNBC.com
One of the biggest snacking days of the year is almost here, and consumers are hungry for cheaper chips.The good news: Some Super Bowl snacks could cost less this year.PepsiCoannouncedThe price cut comes after years of rising costs at the supermarket. Grocery prices have climbed 2.4% over the last year and 25.6% over the last five years, according to the Bureau of Labor Statistics.And salty snack retail prices jumped around 38% from 2020 to mid-2024, according to a report from Jefferies.Those higher prices are weighing on many consumers. Anew report“They are value-obsessed now, and it’s out of necessity,” said Brian Choi, managing partner and CEO at The Food Institute, an industry data and consulting firm.“You’re seeing consumers shift down to private labels, so not the Doritos,” he said.“They’re looking for the Aldi version, or the Trader Joe’s version because a lot of times, the price of chips are $2, maybe even $3, lower per package.”The discount supermarket chain Aldi has seenexpl
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