### Consumers Cooking at Home at Highest Rate Since 2020 Amid Economic Concerns

Campbell's has reported a significant uptick in home cooking among consumers, reaching levels not seen since the early days of the pandemic in 2020. This shift coincides with growing worries about a potential recession spurred by President Donald Trump's tariff policies, which have negatively impacted consumer confidence.

According to Campbell’s CEO Mick Beekhuizen, people across all income brackets are preparing more meals at home than they have in about five years. Beekhuizen noted a resemblance to the uncertain economic conditions at the start of the COVID-19 pandemic, a time when widespread disruptions affected daily life, spending habits, and employment trends.

The increased tendency for home-cooked meals is emerging just as Wall Street and economists are closely watching the U.S. economy’s reaction to the tariff policies introduced by President Trump. These policies have fueled fears of an impending recession, raising concerns about consumer spending which is critical for the country's gross domestic product (GDP). Given that consumer spending constitutes two-thirds of the GDP, a shift towards more home-cooked meals could indicate consumers are eating out less, reflecting a belt-tightening trend among Americans.

One measure of economic sentiment, the University of Michigan’s consumer sentiment index, recently plummeted to near record lows, indicating widespread economic pessimism. This data aligns with Campbell’s observations and could portend broader economic challenges ahead.

Despite these macroeconomic concerns, Campbell’s managed to exceed Wall Street’s expectations for its fiscal third-quarter performance. The company reported earnings of 73 cents per share, excluding one-time items, on $2.48 billion in revenue. These figures surpassed analysts’ predictions of 65 cents per share and $2.43 billion in revenue, according to FactSet.

However, Campbell’s stock has not been immune to the broader market’s volatility, declining over 18% in 2025 despite the modest 0.6% gain observed on the most recent Monday following the earnings report. This stock performance mirrors the wider economic unease affecting both corporations and consumers alike.