1304 ET - General Mills is seeing customers spending only on essentials and prioritizing value above all else as consumer confidence falters, CEO Jeff Harmening says on a call with analysts. The situation is worse now than it was in 2008, he says, likely because the pandemic pushed at-home food consumption to 87% from around 83% pre-pandemic. With consumer confidence falling to 2008 levels, mixed with more eating at home, consumers are going to look for value and typically find it in staples rather than more discretionary categories that General Mills is known for, the CEO says. (dean.seal@wsj.com)
(END) Dow Jones Newswires
March 19, 2025 13:04 ET (17:04 GMT)
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