Diageo, one of the world’s biggest drinks makers, has reported its first drop in sales since the pandemic, as cash-strapped consumers cut back on spending.
The maker of Johnnie Walker whisky, Casamigos tequila and Guinness beer is the latest consumer business to report a hit to sales as inflation and high interest rates take a bite out of household budgets. On Monday, McDonald’s said global sales fell for the first time since 2020 as fewer customers visited the fast-food chain’s restaurants. That followed similar reports from Starbucks , Burger King and Wendy’s .
” She said Diageo had taken several steps to improve its growth prospects, including improving productivity and deepening its understanding of what customers want. “We believe demographic trends, rising incomes in the developing world, spirits gaining share from beer and wine, and long-term premiumization will drive attractive underlying growth in our industry,” she added.
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