businessSource: CNBCPublished
US Grocery Sales Slowdown Hits Food Companies Hard
business · CNBCThe US grocery slowdown has intensified, with shoppers buying fewer items and driving down sales. Despite rising food prices, the industry is now facing a decline in overall sales. Food companies are responding by emphasizing promotions and price cuts to attract price-conscious consumers.
At a glance
- Grocery unit sales fell 1.8% in June compared to last year, a sharp reversal from the previous year's growth.
- Food prices have increased by 33% since 2019, leading consumers to cut back on spending and switch to cheaper brands.
- Food manufacturers, including PepsiCo, are feeling the impact of the slowdown, with North American demand weakening and revenue falling.