Pepsi says drinkers are pulling back and buying less of its namesake beverage
PepsiCo addressed declining soda sales as consumer spending tightens, impacting its North American beverage business.
PepsiCo's sales volumes of sodas slipped 2% in the third quarter, indicating that consumers are drinking less of the brand's beverages, according to the company's CEO, Ramon Laguarta. The CEO anticipates that consumer sentiment will not significantly improve over the next 12-18 months, despite the company's efforts to boost performance in its soft drinks and snacks business in North America.
Laguarta attributed the decline to shoppers and diners facing financial challenges, exacerbated by inflation and rising interest rates.
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