US: Diageo dismisses fears of US slowdown - report
Diageo has declared that this week's US interest rate cut would give a boost to consumers, but there had been minimal impact from any slowdown on its drinks, according to reports.
In an interview with Reuters, Diageo CEO Paul Walsh said that the cut in US rates was welcome but he had not seen any sign of a slowdown in demand for its Johnnie Walker, Guinness and Napa Valley brands.
Walsh said: "Any slowdown is being felt at the price-orientated area and that is an area that only accounts for around 10% of our portfolio."
"The person who is suffering is typically a family living in rural America with an annual income of US$50,000, with two inefficient cars and three children. This is not our target consumer, but is rather a domestic beer consumer," added Walsh.
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