Economic Indicators

China’s consumer sentiment is down, but not when it comes to condoms

2023.07.26 07:52


© Reuters. FILE PHOTO: Durex, a brand of Reckitt Benckiser Group PLC, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS/Andrew Kelly/File Photo

By Richa Naidu

LONDON (Reuters) – Consumer companies and economists have said sentiment in China is slower than expected, but that’s not stopping them from buying more condoms, Durex maker Reckitt said on Wednesday.

Economic data from China this month showed its post-pandemic surge was quickly fading, raising expectations that the government needs to bring out more stimulus measures to drive activity and bolster shaky consumer confidence.

British consumer goods giant Unilever (NYSE:) said on Tuesday that China’s declining property market and exports had sent its consumer sentiment to a historic low, having earlier this year forecast a Chinese “consumption boom”.

Nonetheless, on Wednesday when Reckitt reported earnings results, it said like-for-like net revenue growth in its health business was 8.8%. The growth was led in part by its “Intimate Wellness” brands, which include K-Y lubricant, with improving performance in China.

Globally, the portfolio grew by high-single digits, and in China Reckitt saw “the benefit of re-opening post COVID-related lockdowns.”

Despite a “little slower” recovery in China overall, sales of intimate wellness products are higher. CEO Nicandro Durante said that firstly, Reckitt is launching innovations such as new materials for condoms, and second, people “are enjoying the nightlife”.

Reckitt has a new Taicang, China-based production facility, according to its website, set to “produce our thinnest Durex polyurethane condoms ever” for that market.

“The phase 2 Durex project construction is about to get underway, with the facility set to go into operation in January 2026,” Reckitt’s website says. “The site will produce the thinnest Durex PU condoms in history and will be committed to the continuous improvement of new technologies for PU condoms.”

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,643.43 0.54%
ethereum
Ethereum (ETH) $ 3,475.06 2.01%
tether
Tether (USDT) $ 1.00 0.10%
solana
Solana (SOL) $ 255.68 0.50%
bnb
BNB (BNB) $ 674.16 0.56%
xrp
XRP (XRP) $ 1.51 4.63%
dogecoin
Dogecoin (DOGE) $ 0.435446 1.00%
usd-coin
USDC (USDC) $ 0.999798 0.07%
cardano
Cardano (ADA) $ 1.06 1.65%
staked-ether
Lido Staked Ether (STETH) $ 3,479.92 2.17%
avalanche-2
Avalanche (AVAX) $ 46.74 12.21%
tron
TRON (TRX) $ 0.211663 1.27%
stellar
Stellar (XLM) $ 0.53927 5.38%
the-open-network
Toncoin (TON) $ 6.23 0.82%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 1.04%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,093.46 1.48%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,431.37 0.48%
polkadot
Polkadot (DOT) $ 9.14 3.16%
chainlink
Chainlink (LINK) $ 18.59 6.91%
bitcoin-cash
Bitcoin Cash (BCH) $ 524.00 3.29%
weth
WETH (WETH) $ 3,473.58 2.09%
sui
Sui (SUI) $ 3.47 0.92%
pepe
Pepe (PEPE) $ 0.00002 0.43%
near
NEAR Protocol (NEAR) $ 6.90 5.59%
leo-token
LEO Token (LEO) $ 8.20 5.76%
litecoin
Litecoin (LTC) $ 98.45 1.06%
uniswap
Uniswap (UNI) $ 11.75 6.39%
aptos
Aptos (APT) $ 12.76 1.37%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,664.18 2.15%
internet-computer
Internet Computer (ICP) $ 12.29 6.73%
hedera-hashgraph
Hedera (HBAR) $ 0.147277 2.25%
usds
USDS (USDS) $ 1.00 0.03%
crypto-com-chain
Cronos (CRO) $ 0.192832 1.11%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.58235 2.40%
ethereum-classic
Ethereum Classic (ETC) $ 30.12 2.23%
render-token
Render (RENDER) $ 8.20 3.22%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.54 1.74%
bittensor
Bittensor (TAO) $ 537.44 0.32%
kaspa
Kaspa (KAS) $ 0.156641 2.66%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.16%
arbitrum
Arbitrum (ARB) $ 0.889458 2.35%
vechain
VeChain (VET) $ 0.044069 1.79%
bonk
Bonk (BONK) $ 0.000047 2.44%
whitebit
WhiteBIT Coin (WBT) $ 24.44 1.21%
filecoin
Filecoin (FIL) $ 5.79 0.71%
dai
Dai (DAI) $ 0.999161 0.14%
cosmos
Cosmos Hub (ATOM) $ 8.80 1.88%
celestia
Celestia (TIA) $ 8.05 11.62%
blockstack
Stacks (STX) $ 2.25 7.52%
okb
OKB (OKB) $ 56.15 0.90%