Mondelēz CEO says Iran war could further erode consumer confidence

Dirk Van de Put said shoppers are already “very concerned” about affordability, the economy and job security.

What happened

Mondelēz International’s CEO said already-weak consumer confidence is at risk of worsening as the war in Iran pushes up prices of everyday essentials.

During the Oreo maker's first-quarter earnings call, Dirk Van de Put said shoppers remain “quite anxious.” As the Iran conflict continues and consumers feel the impact of high oil prices, it’s “not going to help” build their confidence, he said.

Why it matters

“[In] the U.S., the consumer confidence there remains quite low. We expect it to further deteriorate as the Middle East conflict continues,” Van de Put told analysts. “Purchasing power is up, but the consumer remains very concerned about affordability, economic outlook and job security.”

Food executives have warned for months that affordability concerns are beginning to eat away at earnings, with high costs pushing consumers to become more selective, particularly in snacking. An acceleration in inflation could further erode consumer confidence and consumption.

Van de Put said lower-income consumers in particular are focused on lower unit prices and are being “very selective” about when and what they buy. But there has also been a larger shift in where consumers shop, with purchases at food and mass stores shifting to value, clubs and online.

This news brief is based on reporting published by Food Dive on 2026-04-29. The original report is linked below.