(Bloomberg) -- The humble cardboard box, a marker for consumer spending, is showing signs of a “modest” comeback, according to one of the world’s biggest suppliers.

International Paper Co. is seeing customers start to replenish box inventories, Chief Executive Officer Mark Sutton said Tuesday during the company’s earnings call. Demand has been weaker as consumers spend less on goods amid rising inflation and interest rates.

“We’ve had orders pick up to replenish inventories,” Sutton said. “Now the question mark on everybody’s minds is what does the consumer do as we move through the first half of the year with respect to disposable income.”

Still, pickup in demand is expected to be “modest”, according to Chief Financial Officer Tim Nicholls. The Memphis, Tennessee-based company also expects to see lower input costs and fewer supply chain snags ahead.

Shares of International Paper surged as much as 10% to $41.59, the biggest intraday jump since April 2020.

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