IT layoffs, short summer and city slump weigh on India's consumption
Dirk Van De Put, chair and CEO at
Mondelez International
, maker of Cadbury chocolates, told ToI that in emerging markets such as India, Brazil and Mexico, consumers are 'worried' about their personal finances and job security, even though the company gained market share in India during the quarter. 'Consumer confidence is softer in these markets... but emerging markets continue to be an attractive growth engine for us,' Van De Put said.
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For
Colgate-Palmolive
, India had a tough quarter due to 'sluggishness in the urban class of trade.' CEO Noel Wallace said the company's India team needs to address urban markets more effectively.
Colgate
is relaunching the Colgate Total line in India, focusing on entry price points and increasing premium offerings. 'We're not pleased really with the performance we had in India, but we feel good about where we're headed in the back half (later part of the year). We have some higher-end premium innovation coming through the back half and into 2026,' Wallace told investors. The company is also addressing the ₹10 price point in India. The Indian arm reported a year-on-year drop in net sales and profits in Q1.
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Urban market consumption has been weak for several quarters. While there are signs of recovery, a full revival across city markets has yet to be seen. Tax breaks, lower food inflation and interest rates have put some extra money in consumers' hands, but recovery has been gradual and urban markets still lag rural demand. Job uncertainties and layoffs in the IT sector, which employs a large share of the middle class, present further challenges and could slow the recovery.
Beverage giants Coca-Cola and PepsiCo were hit by a shorter summer season in the June quarter. Coca-Cola's consolidated unit case volume fell 1%, dragged down by declines in India, where a brief border tension with Pakistan also hurt consumer sentiment, as well as in Mexico and Thailand. PepsiCo's beverage business in India also saw a drop in unit volume, though its convenient foods business performed well.
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Procter & Gamble said that growth trends in its emerging markets business have been mixed. Turkey has returned to 17% organic sales growth, India is growing at 5%, and the Middle East remains challenging.
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