At our Future Smarts conference last December, I spoke of the growing Hispanic population in the US and the opportunity it presents for beverage companies. Just a few months later, it’s now clear that Hispanic consumers are pulling back on their spending, as we detail starting on page 3 of today’s newsletter. If this change persists, it could at a minimum force companies to adjust their marketing, product, and retail strategies. At worst, it could lead to lower growth in the coming years given the importance of this demographic group. We’ll keep tracking the trend.

Meanwhile, I traveled to Las Vegas earlier this month to speak at BevTech, a conference hosted by...