Well, would you look at that. PepsiCo appears to have descended from its ivory tower to acknowledge what shoppers have been yelling into the snack aisle for months: Snack prices are ridiculously out of hand.
Just days before the biggest snacking weekend of the year (that’s Super Bowl weekend, in case you were wondering), the company behind snacking giants like Cheetos, Doritos and Lays announced it is slashing the price of various brands by 15%.
“We’ve spent the past year listening closely to consumers, and they’ve told us they’re feeling the strain,” said Rachel Ferdinando, CEO, PepsiCo Foods U.S in a statement. “Lowering the suggested retail price reflects our commitment to help reduce the pressure where we can. Because people shouldn’t have to choose between great taste and staying within their budget.”
When Will You See the Decreased Prices?
Lower suggested retail prices of certain brands will come into effect this week as shoppers preparing for the Super Bowl weekend flock to the snack aisle. The affected brands will include Lay’s, Doritos, Cheetos, Tostitos, and more.
“Reducing prices on many consumers’ favorite snacks is an important action,” Ferdinando says. “We’ll continue taking steps that keep our most loved brands within reach, while maintaining the same quality and same taste that consumers love.”
Why Is PepsiCo Doing This Now?
A better question is why it didn’t happen sooner? Why did PepsiCo get so empathetic all of a sudden? Go figure: It has to do less with altruism and more with declining sales.
The company’s financial report showed the volume of food items sold in North America dropped by 1% in the latest quarter.
Between the affordability crisis, stubborn inflation, and people generally trying to make rent — and, you know, eat — snacks have become luxury items with prices going completely off the rails.
With shoppers exercising restraint at the snacking aisle, the sales slipped, so the company is now stepping into the role of reluctant savior.
“Potato chips used to be just a fun thing to add to a meal. Now it costs more than the meal,” shared one user on Reddit.
“No more chips. They cost more than their weight in gold, and let’s be honest, they provide no nutrition anyway,” another added.
Do you think 15% is enough? Let us know in the comments.
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