Procter & Gamble Co. sales have risen in the last quarter, fueled in part by demand for state-of-the-art household products, from expensive dish soap to a $ 300 electric toothbrush.
Despite a harsh economic image and high unemployment, the manufacturer of razors Gillette and diapers Pampers said that consumers are increasingly willing to pay more for products.
The dynamic is taking place across the consumer goods industry, as richer consumers are doing better in this recession than those on lower incomes, and cleaning and hygiene are 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 be delivered to me and my family,'” said P&G chief operating officer Jon Moeller.
Consumer spending on food and household items considered either premium or super premium has risen more than spending on regular, value-oriented and private-label products, according to data from market research firm IRI, which analyzed online purchases. and grocery for the 12- period of the week ended on October 4, compared to a year earlier. According to the study, premium soap, household cleaners and paper towels recorded the largest increase.