PepsiCo reported weaker-than-expected revenue growth in the second quarter on Thursday as consumers dialed back snack spending. The junk food giant tempered its full-year outlook on a more challenged consumer. This reflects a broader consumer slowdown trend, particularly impacting working-poor households amid elevated inflation and high interest rates. 

CEO Ramon Laguarta wrote in a filing that the company's North American snack demand was "subdued" during the second quarter and noted sales volumes declined.

On a call with investors, Laguarta said customers across all income brackets are reducing snack spend and trading down to store brands. 

"In the US, there is clearly a consumer that is that is more challenged," the CEO said. This suggests the cumulative impact of several years of price hike has pushed consumers over the edge.