Consumer BehaviorConsumer affordability is undoubtedly impacting purchasing patterns in context of limited customer promotional spending activity in Beverages, which relative to Food, is directionally more discretionary and thus more susceptible to spending shifts.
Growth ExpectationsThe lower growth rate in North America, due to slower domestic beer and energy drinks demand, is the primary driver of the reduction in overall company growth expectation.
Volume PerformanceNorth American category exposure should lead to continued volume underperformance.