Consumer brands didn't reap a huge windfall from panic buying, are adjusting to life under lockdown
For the companies making those items, shopping trends driven by the virus are both a blessing and a curse. Food companies like Kraft Heinz and Campbell Soup are seeing their classic products come back into favor with consumers after years of lackluster sales. Higher demand means scrambling to fill orders, while simultaneously battling higher commodity and freight costs and trying to keep workers healthy. Coca-Cola said Tuesday that in some markets, sales have stabilized after consumers initially stocked up on drinks. Still, the spikes in demand cannot make up for the sales Coke is losing as consumers shelter in place.
cnbc.comConsumer confidence tumbles in March as coronavirus cases surge
A measure of U.S. consumer confidence fell sharply in March as people grapple with the global coronavirus outbreak. The Conference Board said Tuesday its consumer confidence index dropped to 120 this month from 132.6 in February. "Consumer confidence declined sharply in March due to a deterioration in the short-term outlook," Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement. More than 800,000 coronavirus cases have been confirmed globally, data from Johns Hopkins University shows. Of those cases, more than 164,000 are in the U.S. Italy also has over 100,000 confirmed cases.
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