McCormick CEO: Consumers Buying Fewer Spices Due to Higher Prices
McCormick CEO Brendan Foley stated that consumers are increasingly value-conscious and are purchasing fewer spices and seasonings as prices for items like seafood and beef rise. These purchasing behaviors have prompted the company to take action.
Consumers remain highly focused on value, McCormick CEO Brendan Foley said in prepared earnings remarks. He added that shoppers are often buying fewer spices and seasonings when they face higher prices for foods such as seafood and beef. The remarks suggest those spending patterns have been affecting demand, but the body text ends mid-word and provides no further detail.