Procter & Gamble Co.’s sales increased in the most recent quarter, fueled in part by the demand for sophisticated household products, from expensive laundry detergent to a $ 300 electric toothbrush.
Despite the difficult economic scenario and high unemployment, razor and diaper maker Pampers Gillette said consumers are increasingly willing to pay more for products.
The dynamics are happening across the consumer products industry, as wealthier consumers do better in this recession than those with lower income and cleanliness and hygiene take on a higher priority in all segments of society during the coronavirus pandemic. .
“Consumers are directed to products where they can say, ‘I know this will pay off for me and my family,'” said P&G chief operating officer Jon Moeller.
Consumer spending on food and household products considered premium or super premium increased more than spending on conventional, value-oriented and private label products, according to data from market research firm IRI, which analyzed online and consumer purchases. grocery store for 12 years. week period ended on October 4, compared to the previous year. Premium soap, household cleaning products and paper towels had the biggest growth, according to the study.