Rachel Ferdinando, PepsiCo Foods U.S. CEO, lowers snack prices for consumers: “They’ve told us they’re feeling the strain”
Fans of Doritos, Cheetos and other popular snacks could soon get 15% price cuts.
In good news for snackers, the CEO of PepsiCo has announced price cuts in response to complaints that some of their most popular snack food brands have become too expensive.
Although best known for beverages, PepsiCo is also the manufacturer of snacks like Doritos, Cheetos and Lays. Prices for those products have risen considerably in recent years and CEO Rachel Ferdinando said that the brand would react by cutting prices by as much as 15%.
“We’ve spent the past year listening closely to consumers, and they’ve told us they’re feeling the strain,” Ferdinando said. “Lowering the suggested retail price reflects our commitment to help reduce the pressure where we can. Because people shouldn’t have to choose between great taste and staying within their budget.”
“Reducing prices on many consumers’ favorite snacks is an important action,” she added. “We’ll continue taking steps that keep our most loved brands within reach, while maintaining the same quality and same taste that consumers love.”
The press release suggests that the price reductions will start going into effect this week, meaning that shoppers should start to see the benefits ahead of this weekend’s Super Bowl. The changes come after PepsiCo announced in a recent earnings report that it was hoping to increase “purchase frequency” among consumers.
In a bid to keep up to date in a changing market place, PepsiCo’s snack offering has also been altered to reflect demands. Recently released products include Doritos Protein, high-fiber popcorn and Lay’s chips made with olive oil and avocado, presenting a more premium product for consumers.
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