Cheerios maker says cost of living, housing expenses changing way consumers spend

General Mills has cut its annual sales and profit forecasts, attributing the change to weak consumer sentiment and evolving consumer purchase patterns. The company noted that consumers are shifting towards healthier and lower-cost food options, partly due to the rise of GLP-1 weight-loss drugs and increased competition for protein. Additionally, Chief Executive Jeff Harmening stated that elevated cost of living and housing pressures are forcing lower- and middle-income consumers to prioritize value in their spending habits.