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CONSUMERS can get their hands on free bags of Doritos with the company now offering “bonus packs,” the Pepsi CEO has revealed.
In the latest quarterly earnings call, Pepsi CEO Ramon Laguarta announced a new budget-friendly initiative.
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Shoppers can now buy multipacks with 20% more chips in them, as the retail giant seeks to make its product more affordable to struggling consumers.
PepsiCo is the owner of Doritos.
In the earnings call, Laguarta said he expected the move to have a positive impact on the business.
“So this will be all additional value that I think will have a positive impact on the business in the coming months,” he said.
The U.S. Sun approached PepsiCo for comment but the company did not immediately respond.
Amid soaring cost of living pressures facing Americans, Laguarta also revealed the company’s 10-count multi-pack has been selling better than its 18 or 24-pack.
Shoppers can buy a 10-count multipack for about $13.99, according to Walmart.
By comparison, Dorito’s 18-count multipack is sold for about $20 at Walmart.
The retail giant’s CEO also said consumers had been less likely to buy multi-packs in the previous quarter, blaming the cost.
“The other part of the business that –with the pandemic mobility and returning to different patterns by consumers that is being impacted is multi-packs,” Laguarta said.
“And variety packs was a huge driver of business.
“We’re seeing that part of the business kind of slowing down a little bit, part is affordability. “
The packets are individually wrapped and weigh about 10 ounces.
BITING INFLATION
Laguarta noted consumers were opting for cheaper products as inflation continued to bite.
Despite the September Federal Reserve rate cut, prices remain high.
Laguarta said affordability was the number one concern for all shoppers, regardless of their income levels.
“And everything is impacted by affordability even for medium-income consumers or medium-high income consumers,” he said.
The comments came ahead of the updated national monthly inflation figures set to be released on Thursday.
Last month, the Consumer Price Index rose by 0.2% which matched the increase seen in July.
According to the US Bureau of Labor Statistics, the all-items index increased by 2.5%, which marked the smallest 12-month rise since February 2021.
The steady inflation data shaped the Federal Reserve’s decision to cut rates by an unusually large half-point in September.
The move to slash rates was historic and marked a dramatic shift in thinking by the central bank after more than two years of high rates.
