Revenues for the soda giant rose 7% from the year-ago level to US$10.9 billion, reflecting a 2% rise in volumes and 9% increase in price/mix, a category that includes retail venue and product size, in addition to sticker price.

Profits dipped 3% to US$2.0 billion.

Chief executive James Quincey described consumers in North America as “holding up well,” although he acknowledged “a little softening” through 2023 in the US due to persistently higher prices that have pressured low-income shoppers.

But economic indicators have strengthened again in early 2024 and consumers “are starting to feel like the money coming is starting to contain and get ahead of the inflation,” Quincey said during an earnings conference call.

Quincey said consumers in Europe remain “cost conscious,” while the macro environment “remains uncertain” in Africa and China.

The ongoing conflict in the Middle East dented volume growth by about one point in the fourth quarter, said chief financial officer John Murphy.

Coca-Cola projected 2024 revenue growth of 6-7% when foreign exchange and the effect of acquisitions are excluded.

Shares of Coca-Cola dipped 1.2% in afternoon trading.