Coca-Cola Faces Sales Drop in Pakistan & Turkey Amid Boycotts
Coca-Cola has seen a significant dip in sales in both Pakistan and Turkey, as ongoing boycotts linked to the Gaza conflict continue to impact the brand across the Muslim world. From July to September, the global soft drink giant reported a sharp decline, with sales in Turkey falling by 12.2% and in Pakistan by 22.9%, according to a Bloomberg report.
The boycott, fueled by rising political tensions, has extended beyond Coca-Cola, affecting other American brands with ties to Israel, such as McDonald’s and KFC, which have also experienced reduced sales in parts of Asia, the Middle East, and Europe.
However, there is some positive news for Coca-Cola in countries like Iraq, Azerbaijan, and Kazakhstan, where exceptional demand has led to a slight increase in sales for the brand and its American counterparts.
In response to the downturn, Coca-Cola Group’s stock price has suffered in Turkey, with the company’s share value steadily decreasing. The company also reported a staggering 61% drop in net income for the quarter ending in September.
As the boycotts show no signs of slowing down, Coca-Cola faces growing challenges in the region, while other markets continue to show mixed results.