Chips and cookies have gotten too expensive. Shoppers are buying less

Americans are cutting back on Doritos, Goldfish and Hostess cakes. It’s not for their health, however – it’s a sign that even small indulgences have gotten too expensive for many to afford.

Americans are cutting back on Doritos, Goldfish and Hostess cakes. It’s not for their health, however – it’s a sign that even small indulgences have gotten too expensive for many to afford. “Consumers are cutting back on non-essentials and stretching the value they get out of every dollar. That’s hitting snacking,” said Chris Costalgi, a vice president at market research firm NIQ, in an interview with CNN. Forty-two percent of consumers say they are buying fewer snacks because of higher prices, according to NIQ’s February survey of 1,000 consumers. The slowdown is showing up on food giants’ bottom lines. PepsiCo, Campbell and JM Smucker have reported weak sales of their snack brands in earnings announcements in recent weeks. PepsiCo, the owner of Frito-Lay, said that people bought 3% fewer snacks last quarter. “Salty and savory snack categories underperformed” the broader packaged food industry, PepsiCo said, citing the “cumulative impacts of inflationary pressures and higher borrowing costs on consumer budgets.” People also stopped buying as many Goldfish crackers and Snyder’s of Hanover pretzels. Campbell, which owns both brands, saw a 2% drop in snacks during its latest quarter, noting that snack sales were “weaker than anticipated.” And JM Smucker, the owner of Hostess, said people bought 5% fewer snacks during its latest quarter as more “cautious” and “selective” consumers turned away.