Consumers who are struggling with the burden of rising grocery prices have not yet been swayed by WK Kellogg CEO Gary Pilnick’s proposal to eat cereal for dinner as a cheaper option. Joining CNBC’s “Squawk on the Street” on February 21, Pilnick pretended to buy cereal for supper to cut costs on groceries.
In light of the most current statistics available from the United States Department of Agriculture, he was reacting to a query about the large percentage of disposable income that goes into buying food, specifically how high the prices are.
The irony in Pilnick’s idea has been answered with what opposing viewpoints see in internet footage from the interview. The cereal category has always been quite affordable and it tends to be a great destination when consumers are under pressure.
Considering the cost of cereal for a family compared to what they might do differently, it will be significantly more inexpensive, he continued. For the right price and in the right spot, we discuss having the right pack. Therefore, it would be helpful to offer a variety of sizes at different price points so that shoppers can feel more comfortable.
Those are a few of the items we’re currently handling. A bowl of cereal with milk and fruit costs less than a dollar, so it’s no wonder that a lot of people head to the cereal category. To that end, it’s easy to see why a stressed-out shopper might flock there.
Users on social media have been critical of Pilnick for allegedly proposing things that he would never do regularly as this interview segment has gone viral online. Breakfast cereal is only one example of how families are cutting corners due to reflation.
During the presentation of the massive increase in company earnings that contributed to the problem’s genesis, Kellogg’s CEO boasted about it. The critic wrote, “F— this sh–” on X. According to a filing with the SEC, Pilnick’s pay is $1 million per year plus bonuses of up to $4.4 million beginning in September 2023.
Greedflation is forcing families to make choices like eating cereal for dinner to save money. Kellogg’s CEO is bragging about it while they show the huge climb in corporate profits that helped create the problem in the first place. Fuck this shit. pic.twitter.com/NH2EYaKTXu
— Evan Sutton (@3vanSutton) February 21, 2024
After the most recent quarter on December 30th, the business achieved net revenues of $651 million. But when he’s not dining at one of those fancy restaurants, his chef whips up a meal just for him. How repulsive. “Eat. The. Rich,” remarked one viewer on the video’s Instagram post.
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“Listen up, folks! We’re getting hungry because we skipped supper. CEO: Well, then cut out the cereal. Persons: nonetheless, the cost is high. The chief executive officer: We understand. “We’re making the packs smaller, so it costs less,” another commenter on the YouTube video said. And that was that.
Honestly, I don’t know what kind of CEO would have the guts to say something like this. Cereal for supper isn’t healthy, and I’m in my thirties sometimes. “Someone with low income does this for something vs nothing,” someone else said under the online video. An attempt to get a comment out of WK Kellogg was shot down.
A question concerning “the potential” for Pilnick’s cost-cutting solution to “land the wrong way” was asked of him in the complete CNBC interview that was broadcast. “Right now, it’s landing really well,” he responded. Besides breakfast, we consume more than 25% of our food.
Lots of it happens during supper, and that event keeps getting bigger. Dinner cereal is certainly more trendy now, and we expect that tendency to continue as long as that consumer feels pressured.
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