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Cheerios Maker Sees American Consumers Turning to Cheaper Brands
General Mills has fallen 22% this year, which compares to a 7.6% decline in a S&P index of food and beverage companies.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
American consumers are turning to bargain brands and using food supplies they’d built up during the pandemic to cope with challenging economic times, according to a General Mills Inc. executive.
The maker of Cheerios, Haagen-Dazs and Annie’s is “really trying to figure out where the demand environment is right now” as consumers return to pre-pandemic behaviors following years marked by supply chain disruptions and a surge in inflation, Jon Nudi, General Mills’ president of North American retail, said during Reuters’ Transform Food USA Conference in Minneapolis.