Investors and executives are concerned consumers are starting to balk at increased costs as the economic outlook dims. theSun theSundaily SunBiz Business news economy Europe
Shopping bag with Nestle products is pictured in the supermarket of Nestle headquarters in Vevey, Switzerland. Switzerland-based Nestle increased prices by nearly 10% during the first quarter even as sales volumes fell 0.5%. – ReuterspicMajor global brands like McDonald’s, General Motors and Nestle posted steady first-quarter results built on higher prices, demonstrating that shoppers across major economies are still spending despite slowed economic activity.
US consumer confidence fell to a nine-month low in April, the Conference Board said. Global shipping leader United Parcel Service forecast full-year revenue at the lower end of estimates. “We feel really good about where we are priced right now and consumers seem to be demanding our products,” chief financial officer Paul Jacobson said during GM’s conference call, but he added the pricing gains probably will not last.
Beverage giant Coca-Cola Co said average selling prices rose by 11%, while rival PepsiCo Inc said its prices gained 16%. “We see pricing moderating, which means in the context of markets like the US or Europe is a reduction in the level of off-cycle price increases,“ said Coke’s Quincey. Executives said inflation is hitting customers, particularly in Europe. McDonald’s Corp quarterly sales rose 12.6% worldwide, beating expectations, but CFO Ian Borden said “elevated cost inflation continued to put significant pressure on restaurant cash flows, particularly for our European franchisees.”
The Conference Board reported a grimmer US consumer outlook, with short-term expectations down and reduced plans for big purchases.
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