DANOY
DANONE S/ADR
stock OTC ADR

Balance of power shifting. There are many brands selling shelf space, while the grocery industry is getting more and more concentrated. WMT and KR, Aldi and COST.
Consumer behavior changing. Less trust in or desire for old trusty brands, more attention on new trendy brands. Also more attention on “healthy” rather than highly processed.
The economy ex-AI is tipping into recession, people are pinching pennies, defensives raised prices egregiously during Covid. I remember packaged food companies gloating about double-digit price increases and no consumer resistance. Well there is resistance now and the grocers are happy to offer private label products.
I’m fairly affluent yet have been more price conscious at the grocery store. I usually buy a couple brands and the private label, then compare to see if the brands at $2.17 are worth buying over the PL at $1.44. Sometimes yes, sometimes no, and the savings don’t really matter to me; think about families for whom it does. At the drugstore, I always buy the private label acetominophen or whatever.
Not all defensives are doing badly. I own DANOY, CCEP and they are ok.

Balance of power shifting. There are many brands selling shelf space, while the grocery industry is getting more and more concentrated. WMT and KR, Aldi and COST.
Consumer behavior changing. Less trust in or desire for old trusty brands, more attention on new trendy brands. Also more attention on “healthy” rather than highly processed.
The economy ex-AI is tipping into recession, people are pinching pennies, defensives raised prices egregiously during Covid. I remember packaged food companies gloating about double-digit price increases and no consumer resistance. Well there is resistance now and the grocers are happy to offer private label products.
I’m fairly affluent yet have been more price conscious at the grocery store. I usually buy a couple brands and the private label, then compare to see if the brands at $2.17 are worth buying over the PL at $1.44. Sometimes yes, sometimes no, and the savings don’t really matter to me; think about families for whom it does. At the drugstore, I always buy the private label acetominophen or whatever.
Not all defensives are doing badly. I own DANOY, CCEP and they are ok.