When it comes to your cleaning necessities, get ready to shell out some cash for less products.
Proctor & Gamble, the parent company of many of your go-to cleaning supplies like Cascade, Tide, and Swiffer, among others, is set to hike the prices on many of its goods. The company cites inflation and the cost to manufacture its products as the reason behind the increases.
On Thursday, the company reported year-over-year declines in sales, revenue and profits despite raising prices to offset losses. The dropoff was linked to a slip in consumer demand.
In concert with the price hikes, P&G is also set to scale back on its product sizes. Known as shrinkflation, consumers will pay the increased cost while simultaneously receiving less product than they had previously for the item.
Even as demand dwindles for the consumer-goods behemoth, P&G has no plans to lower price in the short-term. In Thursday's earnings call, Andre Schulten, chief financial officer at P&G, said consumers continue to make purchases because the items his company provides are necessities.
"Consumers don't stop washing their hands or doing their laundry," he noted.
Prices are set to increase even more in the coming months. P&G also boosted its 2023 sales outlook to a range between 4 and 5 percent growth.
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A flow of recent data from the U.S. government has made one thing strikingly clear: A surge in consumer spending is fueling strong growth, demonstrating a resilience that has confounded economists, Federal Reserve officials and even the sour sentiments that Americans themselves have expressed in opinion polls.
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