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The Inflation Bites Election
American consumers are suffering compounding financial pressures.
Over the past few weeks and days, media attention has been focused on President Joe Biden’s disastrous June debate performance and the failed assassination attempt against former President Donald Trump respectively.
But while these subjects have dominated the headlines, American consumers are still quietly suffering under an onslaught of inflationary pressures, cost-of-living increases, and compounding financial pressures.
“PepsiCo, After Years of Price Hikes, Sounds an Alarm on Consumer Spending,” Nicholas G. Miller warned for the Wall Street Journal. “Frito-Lay North America reports 4% drop in sales volume, warns that consumers are looking for more deals.”
“Inflation-weary shoppers are finally cutting back on potato chips,” wrote Miller. “Inflation in the U.S. is moderating but consumers are feeling the cumulative impact of years of steep price hikes, particularly in their grocery bills. Consumers in recent months have been pulling away from big brands like Starbucks, Chips Ahoy and McDonald’s.”
“Food companies feel the pain as consumers reject higher prices,” Jaclyn Peiser and Aaron Gregg explained further for the Washington Post on July 11, 2024. “Faced with revenue and unit sales declines in recent months, snack giants…