When money is short, people would rather pay a little more in the belief that the investment will be worthwhile.

An article in the New York Times asks, “Is $6 too much for a bag of Ruffles?” And for many US consumers the answer would appear to be yes.

Commenting on the fact that people are buying fewer salty snacks from its Frito-Lay brands Ramon Laguarta, PepsiCo’s chief executive, said, “There is clearly a consumer that is more challenged, and a consumer that is telling us that in particular parts of our portfolio, they want more value to stay with our brands.”

That people are challenged should not have come as a surprise. In 2023, when asked about the affordability of snack brands 29% of people interviewed by Kantar BrandZ in the US* said that they could not afford them currently, and a further 35% said they could just afford snacks but were seeking to cut back.