American families struggling with high food prices due to inflation should eat cereal for dinner in order to save money, Kellogg’s CEO Gary Pilnick, who has an estimated net worth of $15.7 million, said.
It’s no secret that American families are suffering due to inflation under the Biden administration.
Kellogg’s CEO Gary Pilnick, a multi-millionaire, views the issue as a great opportunity to market his company’s brand, suggesting that cash-strapped families eat “cereal for dinner.”
“The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure,” Pilnick told CNBC in a recent interview.
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Pilnick went on to suggest that the fact that consumers are currently under financial pressure is a good marketing opportunity for Kellogg’s.
“Some of the things that we’re doing is, first, messaging,” the Kellogg’s CEO said. “We have to reach the consumer where they are. So we’re advertising about cereal for dinner.”
“If you think about the cost of cereal for a family versus what they might otherwise do, that’s going to be much more affordable,” he added.
After being asked if suggesting “cereal for dinner” for families suffering under inflation could be taken “the wrong way,” the Kellogg’s CEO said, “We don’t think so.”
“In fact, it’s landing really well right now,” the millionaire said.
Pilnick explained that internal company data shows “that over 25 percent of our consumption is outside the breakfast occasion.”
“A lot of it’s at dinner, and that occasion continues to grow,” a smiling Pilick said.
The Kellogg’s CEO added that “cereal for dinner is something that is probably more on trend now, and we would expect it to continue as that consumer is under pressure.”
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