Nestlé is recycling inflation as an excuse for lousy sales:
“The perception of consumers everywhere but especially in the U.S. is that food prices are high,” Chief Executive Laurent Freixe said in an interview, adding that many shoppers feel stretched after a period of surging inflation.
....The comments came as Nestlé reported weaker-than-expected third-quarter results and slashed its full-year sales forecast, warning that consumers around the world are pulling back on spending even as price rises ease.
I don't know about the world, but in the US consumers aren't pulling back on anything:
Total food spending surged after the pandemic and has stayed high ever since. If you squint, there's been a slight cutback this year, but that's all.
Consumers are spending plenty on food. Nestlé just got greedy with its price hikes and killed the goose laying the golden eggs.
Adjusted to constant dollars, at-home food purchases were down two consecutive years, 2022, 2023. But it looks like this is because food away from home has been soaring as foot traffic recovered.
https://www.ers.usda.gov/data-products/food-expenditure-series/interactive-charts-food-expenditures/
There is a whole sub-cult of anti Nestle people who are actively engaged in telling others what a truly terrible company Nestle and its huge plethora of subsidiaries happen to be.
Nestle BAD!
I avoid nestle as much as possible. This started after I saw an nestle exec say, unabashed, that clean drinking water is a "product" not necessarily a right. Greed pure.
Nestle products have always been over-priced for the quality. And there's not a thing they sell that isn't available in another brand less expensive and just as good or sometimes better.
Nestle would be the grocery line I should think, which is down in your chart over the last couple years and definitely not returning to the pre-pandemic trend line you haven’t added to the chart 🙂
?? Kevin gives the trends from 2013, and both at-home and restaurant lines are back to about their pre-pandemic trends.
Those lines show a relative decrease in at-home food, which is probably inevitable. More effort should be devoted to making restaurant food healthier since people will be spending more on it (if not getting as much food).
Perhaps it is my MkI eyeballs but I didn’t perceive Grocery being currently at trend.
They may want to check the party affiliation of the Nat Guard assigned to protect the inauguration
Vandal hits trump tower in Chicago. 😂 good for them.
https://www.nbcchicago.com/news/local/multiple-windows-of-trump-tower-chicago-damaged-by-vandal-police/3576542/
I think about doing this every time I see a trump yard sign. 🤮
I buy the coffee mate by nestle but haven’t had digiorno pizza in many years.
Kraft is another company that was happy to jack its prices way up. A small tub of Philadelphia cream cheese spread is like $6 now. Early in the pandemic, they claimed there were labor and milk shortages at a couple of its plants or something that slowed production and drove up prices. But now? You know its just corporate price-gouging bullshit because the comparable store or off-brand product is like $2-3.