July 26 Reuters CocaCola Co lifted its fullyear revenue forecast on Tuesday, encouraged by buoyant demand for sugary sodas in the face of price increases to combat higher costs.

Global sales volumes rose 8 in the second quarter, the company said, powered by growth in both developed and emerging markets, while average selling prices increased about 12.

The Dow component39;s shares were up 2.2 in early trading, while the broader market was down after top U.S. retailer Walmart Inc cut its fullyear profit expectations on a slowdown in discretionary spending. 

Coke39;s results are testament to its brand value because consumers are unwilling to trade down to other colas, despite increasing prices, CFRA analyst Garrett Nelson said.

The results highlight the resilience of packaged food makers, especially in the United States, as consumers prioritize spending on eating at home rather than at restaurants.

CocaCola Chief Executive James Quincey said the company would increases prices further in markets where costs were increasing and aim to pass most of them to consumers before a potential recession.

Rival PepsiCo Inc also provided similar views last week. The company said it had not seen any slowdown in demand and added there was room for prices to go further up.

CocaCola was preparing for an economic downturn with investments in smaller and cheaper packaging, Quincey said, but added the company39;s products have historically been among the last to see a slowdown in demand…