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Sales at Procter & Gamble Co. surged in the last quarter, fueled in part by demand for high-end household products ranging from expensive dish soap to a $ 300 electric toothbrush.
Despite tough economic times and high unemployment, maker of Gillette razors and diapers Pampers said consumers were increasingly willing to pay more for their products.
Momentum is playing out in the consumer products industry as better-off consumers fare better in this recession than low-income ones and cleaning and hygiene becomes a higher priority in all segments of society. during the coronavirus pandemic.
“Consumers are driven to choose products where they can say, ‘I know this will help me and my family,” said Jon Moeller, COO of P&G.
Consumer spending on food and household products considered high-end or super-premium increased more than spending on consumer, value-driven and private label products, according to data from market research firm IRI, who looked at online and grocery shopping for the 12- week period ended Oct. 4, compared to a year earlier. According to the study, soap, household cleaners and premium paper towels increased the most.
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