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Coke CEO James Quincey says consumer spending is ‘robust’

Coca-Cola CEO James Quincey said he is feeling confident about the state of the consumer in 2020, even as trade tensions and concerns about sluggish economic growth continue.

“You walk around Davos and there are some sectors that are feeling the pressure coming out of 2019 and into 2020 — more on the manufacturing side, some of the big trade sectors,” Quincey said on CNBC’s “Squawk Box” on Wednesday. “But the consumer seems to be robust around the world — yes, ups and downs, but they’re doing pretty well.”

The International Monetary Fund on Monday revised its forecasts downward for 2019 and 2020, mostly due to slowing growth in India. The IMF also warned about uncertainty related to trade, which would weigh on the global economy.

At the World Economic Forum in Davos, Switzerland, business leaders have expressed doubts that China and the United States will reach phase two of a trade deal before the end of President Donald Trump’s first term.

Still, Quincey said that the company is confident about consumer spending in 2019 and sees momentum heading into 2020. In October, Coke’s third-quarter revenue beat analyst estimates as consumers spent money on healthier options, like Zero Sugar soda and smaller size cans.

The beverage giant will report its fourth-quarter earnings on Jan. 30.

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