{"id":17698,"date":"2023-04-28T15:10:48","date_gmt":"2023-04-28T15:10:48","guid":{"rendered":"https:\/\/ambassadornews.org\/?p=17698"},"modified":"2023-04-28T15:10:51","modified_gmt":"2023-04-28T15:10:51","slug":"inflation-is-taking-a-bite-out-of-your-snack-fix-junk-food-profits-are-up-despite-fizzling-sales%ef%bf%bc%ef%bf%bc","status":"publish","type":"post","link":"https:\/\/ambassadornews.org\/en\/inflation-is-taking-a-bite-out-of-your-snack-fix-junk-food-profits-are-up-despite-fizzling-sales%ef%bf%bc%ef%bf%bc\/","title":{"rendered":"Inflation is taking a bite out of your snack fix: Junk food profits are up despite fizzling sales\ufffc\ufffc"},"content":{"rendered":"

Major junk food giants reporting higher revenues, even as sales volume has barely budged<\/p>\n\n\n\n

From\u00a0furniture\u00a0<\/a>\u00a0to\u00a0gasoline\u00a0<\/a>, to\u00a0mortgages<\/a>\u00a0and\u00a0used cars<\/a>, inflation has taken\u00a0a big bite out of people’s\u00a0budgets, and now it’s coming for the indulgence many Canadians will be most reluctant to cut back on:\u00a0junk food<\/p>\n\n\n\n

If it feels like your favourite chocolate bar, bag of chips or other treat is getting more expensive lately, it’s not your imagination.\u00a0Earnings at major food makers released this week all painted a similar picture, one of an industry that’s raking in more money than ever from junk food\u00a0\u2014 even as the actual volume of product\u00a0they’re selling is flat or even down in some cases<\/p>\n\n\n\n

Pepsi\u00a0says its sales revenue from all of its brands around the world \u2014 a list that included Doritos, Cheetos, Tropicana, Gatorade and its eponymous cola \u2014\u00a0increased by 10 per cent last quarter<\/a>. But the actual volume of products it shipped barely budged, with beverages up by one per cent and convenience foods actually declining by three per cent from last year’s level.<\/p>\n\n\n\n

From a revenue standpoint, I think generally speaking, you see the consumer continuing to buy our products \u00a0despite the fact that we’re taking pricing driven by the inflation that we’re facing<\/q>\u00a0Pepsi’s chief financial officer Hugh Johnson told analysts on a conference call to discuss the company’s results this week<\/p>\n\n\n\n

It’s a similar story at rival Coca-Cola,\u00a0where\u00a0organic revenues grew by 12 per cent\u00a0<\/a>\u00a0last quarter, even as unit case volumes only grew by three per cent. Chocolate maker Hershey’s quarter was similar. The candy bar giant sold more than $2.9 billion worth of candy bars last quarter, an\u00a0increase of more than 12 per cent in dollar terms<\/a>. But the volume of products was only up by three\u00a0per cent<\/p>\n\n\n\n

And at Nestle \u2014 maker of everything from H\u00e4agen-Dazs\u00a0to KitKat\u00a0and Perrier \u2014sales were up by 9.3 per cent, mostly because the company was able to raise its prices by almost 10 per cent. In volume terms \u2014 a metric the brand calls\u00a0“real internal growth”\u00a0<\/a>\u2014 the numbers were actually\u00a0down by 0.5 per cent in the quarter<\/p>\n\n\n\n

INFLATION HITS THE SNACK AISLE<\/h3>\n\n\n\n

Customers have noticed the rising price of chips, chocolate and drinks. Manufacturers and retailers say they are just passing on the increases they face and it\u2019s not putting a big dent in demand<\/p>\n\n\n\n

To\u00a0Yann Cornil, an associate professor of marketing and behavioural science at the Sauder School of Business at the University of British Columbia, it’s no\u00a0surprise that snack makers aren’t afraid of passing price hikes on to consumers\u00a0because they know their products are a treat\u00a0that people aren’t willing to part with right now<\/p>\n\n\n\n

It’s the last\u00a0affordable luxury that\u00a0those households can afford<\/q>\u00a0he told CBC News in an interviewCorporate-branded processed foods and drinks \u2014 pops, and carbonated drinks like Coca-Cola, Pepsi, all the chip brands \u2014 consumers are less willing to trade\u00a0down to the private labels or even to decrease the consumption of such foods<\/q><\/p>\n\n\n\n

In other\u00a0words, if you like your daily chocolate bar or bag of chips in the evening, in this economy you’re willing to pay for it, almost no matter the price. In economic terms, that means that unlike your waistband, demand for junk food is inelastic \u2014 and the industry knows it<\/p>\n\n\n\n

Flat demand<\/h2>\n\n\n\n

Multinational food conglomerate\u00a0Mondelez, formerly known as Kraft Foods, puts out an annual report on industry trends every year,\u00a0 and\u00a0this year’s report\u00a0<\/a>\u00a0aptly summarized the phenomenon<\/p>\n\n\n\n

In these trying times, consumers around the world view their favourite snacks as affordable and necessary indulgences<\/q>\u00a0CEO\u00a0Dirk Van de Put said in delightfully named State Of Snacking\u00a0report. It found that consumers are more likely to skip a meal than they are to cut back on the amount of money they spend on their favourite snacks<\/p>\n\n\n\n

Snacking continues to be a way for consumers to connect or to enjoy a moment of delight in their day<\/q><\/p>\n\n\n\n

Major global food manufacturers have banked on consumers being willing to pay more for their daily hit, and it’s boosting their bottom line. The impact of that is felt all the way down the supply chain, where\u00a0people who run small local convenience stores have to pay more themselves\u00a0\u2014\u00a0and hope their customers are willing to as well<\/p>\n\n\n\n

Alirashid Amini and his family run a\u00a0convenience store\u00a0in northwest Calgary, and he says the cost of the pop and chips he buys wholesale to resell to customers is up by at least 15 per cent in the past year \u2014\u00a0a cost he has no choice but\u00a0to pass on<\/p>\n\n\n\n

It feels bad honestly, just because I don’t like charging that much for a bag of chips, but I have to to stay afloat<\/q>\u00a0he told CBC News in an interview<\/p>\n\n\n\n

The location also includes a gas station, another industry where consumers are well aware of price\u00a0changes. But while customers are often choosier\u00a0when it comes to filling up a tank if prices get too high, he says demand for snacks and other stuff remains fairly steady, regardless of price<\/p>\n\n\n\n

The sales have stayed pretty stagnant over time. Since we started … like a straight line<\/q><\/p>\n\n\n\n

When gas prices are up, he sees an uptick in the number of drivers who come in and only buy $10 or $20 worth of gas instead of filling up. But if his customers are feeling salty about the price of car snacks, it’s not showing up at the cash register<\/p>\n\n\n\n

I’d say most people, they tend to buy the same things<\/q>\u00a0he saidIf it’s just a couple cents, they don’t care too much<\/q><\/p>\n\n\n\n

Pete Evans\u00a0<\/a>\u00a0\u00b7\u00a0CBC News<\/p>","protected":false},"excerpt":{"rendered":"

Major junk food giants reporting higher revenues, even as sales volume has barely budged From\u00a0furniture\u00a0\u00a0to\u00a0gasoline\u00a0, to\u00a0mortgages\u00a0and\u00a0used cars, inflation has taken\u00a0a big bite out of people’s\u00a0budgets, and now it’s coming for the indulgence many Canadians will be most reluctant to cut back on:\u00a0junk food If it feels like your favourite chocolate bar, bag of chips or […]<\/p>\n","protected":false},"author":9,"featured_media":17699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"topbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"1","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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