Ken Bowles
speaker
52 appearances
1 recordings
1 series
first heard Oct 2025
last heard 30 Oct
Ken Bowles’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Oct 2025 with 1.
Appearances
Um, not really a warning, more trimming of where we thought we'd be given this, this point of the year, Joe, I suppose, look, we all kind of look out our windows and we see where demand is.
And I think in particular in our biggest market, which is North America and just, you got to realize that North America is about 65% of our business now.
Yeah.
But when you think about that market alone, you think about things like the government shutdown and the impact on people's spendings.
You've seen during the week, you know, the removal of SNAP programs potentially in the next few weeks.
You know, there's a demand picture there that hasn't really recovered to the extent that any of us thought it would.
As you pointed out, we're seeing it in discrete areas, you know, food, confectionery, durable goods.
People buy the day to day, but people won't make bigger spending decisions.
They'll hold on to their money.
So it's really just an acknowledgement of where we think we'll be at the end of the year, given what we see is a demand backdrop.
It's hard to tell at this point.
Certainly, you know, people do believe there's an impact.
I heard a stat recently that said that, you know, broadly about 18% of the adult population in North America is taking some form of GLP-1.
But, you know, my optimism always comes true, Joe, in the sense that somebody has to make those boxes and we actually make the grade of paper that makes those boxes.
So we'd have a natural advantage if that demand does come true.
I don't think it is.
I think it's more about where people sit in terms of savings and spending and
given, you know, cost of living, everything else, inflation, and indeed a level of uncertainty given the tariff picture and everything else.
Yeah, listen, I think, you know, some days the markets don't do what you might call rationality.
We were surprised, everybody I spoke to was equally surprised at kind of the oversell.
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