Treasury yields near 5% again
U.S. consumer spending remains resilient, but third-quarter earnings reports from food-focused companies indicate that some customers are trying to maintain their eating habits without paying higher prices. Here's a roundup of some examples. They’re passing up delivery to pick up pizzas. Domino's said its carryout business, for which customers generally don't pay fees or tips, grew in its latest quarter, while delivery business fell.
Similarly, McCormick said value-minded shoppers are purchasing larger containers of spices and flavorings at a time–though the purchase rate is just as fast as it was with smaller sizes. “These short-term behavior shifts act as a sort of cheat code to help these consumers spend within their means,” said Conagra Chief Executive Sean Connolly. They’re shifting to quick-serve chains—but they’re not holding the fries.
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