“So we expect our European business to continue to do well.”

In context

“chasing behavior. They're probably switching to more frugal spending and also prioritizing essentials. We see a bit more shopping frequency going to smaller pack sizes and also a shift in channels in Europe that is more to discounters and e-commerce and we see an increase in promotions. In the middle of all that, with the price increases we're implementing, chocolate is performing in line to expectations, i.e., the elasticities that we're seeing are in line around 0.5. There was -- Easter was later this year. So if you include that in Q2, I think we will see a nice Q2. And biscuit is performing well, particularly in France for us. So we feel pretty confident about our European business. We see a resilient consumer. We landed the negotiations. We had a good Easter. Biscuits are doing well. So we expect our European business to continue to do well. And on the emerging market, I would say the consumer is softer because they are suffering from inflation. They see the trade volatility. The Chinese consumer remains quite subdued, 20-year low, I would say, but our business is doing well. The Indian consumer is stable. There is more optimism this year. People see income growth, jobs, and then Brazil and Mexico, clearly in both places, the consumer is softer, more outspoken in Mexico than in Brazil, of course, because of the economic uncertainty and the persistent inflation. I would say our categories in emerging markets are stable. We have gained shares, but we have to remain agile in all regions of the world. So I would say, so far so good, but it's still a long year, and we will need to stay very vigilant about shifts that we see at the”