宝洁CFO称美国消费温和但品牌与创新仍有韧性

Speaker A: we had some shift in trade events, which meant we had to recognize trade spend in a different pattern. So that's the reconciliation between consumption and uh the revenue recognition in the quarter. But if you want to talk the underlying health of the consumer and trade down, the health is actually okay. Uh consumer is stable. The consumer still loves brands. Uh private label is losing, brands are gaining. Within that PNG is stabilizing or growing share. So I think we're in a in a in a reasonably good place.

Speaker A: The consumer is responding to innovation. Every time we innovate, we are able to bring the consumer with us.

Speaker B: Would you say that the the North American consumer is still cautious?

Speaker A: Cautious in the sense that the general consumption is muted versus what we typically see in our categories. We typically see 3 to 4% growth, we're probably more in the 2 to 3% growth in the US. Uh, you have well-off consumers who are not constrained. Uh they don't have cash constraints, they shop in club, they shop in

Speaker A: uh online, uh they buy big pack sizes, they love innovation. Um, so everything good there. Then you have the more cash constrained consumer. Um they are truly managing paycheck to paycheck. They are very carefully looking for lower cash outlay pack sizes and carefully evaluate promotion value.

Speaker A: And when we deliver against both, we are able to win with both groups. Even at the lower income, uh what I said is still true. They love brands and they love innovation. Um and it's the beauty of our categories. Consumers want their products to perform and especially lower income consumers know that the cost of failure, so if your laundry detergent doesn't work, if your diaper doesn't work, the cost of failure is higher than the few pennies more they would pay to acquire a P&G brand.