Clorox, Mondelez, P&G, General Mills, Colgate and Coke Respond to Consumer Shifts
Whether it’s trading down in size, prioritizing pantry staples, or finding comfort in nostalgic brands, today’s shoppers are showing signs of both stress and resilience.
Executives from leading CPG companies outlined the latest consumer trends during Deutsche Bank’s dbAccess Global Consumer Conference and recent earnings calls, indicating a marketplace defined by caution, value-driven decision-making, and the lingering effects of years of economic and social disruption.
Here's what major players — including Clorox, Mondelez, Colgate-Palmolive, General Mills, Procter & Gamble, Coca-Cola, and others — are seeing in consumer behavior and how they're adapting in real time.
Retailer POV: Ulta
“Beauty is still viewed as an affordable luxury. And even in spite of a lot of macroeconomic concerns, what we're hearing from our guests is that they are still committed to spending on their beauty regimens. Now what they tell us in our proprietary data isn't always what they do. So I would say that we are being pretty conservative in our outlook for the rest of the year because of all of this uncertainty," said Kecia L. Steelman, president and CEO of Ulta, during the conference.
The Clorox Company
The Clorox Co. CEO Linda Rendle said there are two layers to recent shifts in consumer behavior. “The first is … we expected consumers to be under more pressure, and we expected them to continue to increase their value-seeking behaviors.”
This has been showing up in different ways — some buy larger sizes for better price per use, others go smaller to keep trips cheaper. “We have seen that pretty consistently over the last 18 months — that value-seeking behavior,” Rendle added at the conference.
The second layer is tied to increased uncertainty. In February, consumers responded to news about potential tariffs, particularly affecting imports from Mexico and Canada.
“We saw a change in the grocery basket,” Rendle said. “People were consuming or buying more edibles, less nonedibles,” in anticipation of price increases. By March, consumer spending shifted again, with a rise in electronics and big-ticket purchases like phones and vehicles.
At-home habits, however, haven’t changed very much.
“They didn't stop cleaning their toilet and they didn't stop changing their cat litter box,” Rendle added. Instead, consumers are prioritizing what’s already in their pantry, stretching what they have while adapting to a shifting economic landscape.
More from Clorox: Neuroscience experiment says cleaning brings joy
Mondelez International
Mondelez International’s CEO Dirk Van de Put said U.S. consumer confidence remains low, especially among lower-income shoppers.
“We're clearly seeing a consumer that is very conscious about how they want to spend their money,” he said during the conference. After sharp drops in March and April, confidence didn’t fall further in May, but it’s still low, and shoppers are sticking to strict budgets, prioritizing essentials and cutting back in other areas.
That pullback is showing up in snack categories, which have started to soften. Van de Put notes that some segments, such as the Hispanic consumer base, may be driving additional shifts. Despite the overall slowdown, biscuits (Mondelez’s core U.S. category) are holding up better than others. Still, the broader outlook remains cautious, with little sign that consumers believe their situation will improve in the near term.
More from Mondelez: Chips Ahoy uses consumer analytics to drive product innovation
Colgate-Palmolive
Colgate-Palmolive CEO Noel Wallace said the consumer has become “much more pensive” and uncertain.
“You can just see the volatility and the movements that we're seeing based on what I would consider a consumer that's very cautious on their purchasing patterns,” he said during the conference.
That caution is showing up in softer category performance, especially in the U.S., where 12 categories were down in February, followed by a mixed March and a slight improvement in April.
The company is seeing modest progress overall, but the patterns remain inconsistent. Wallace also pointed to signs of destocking — people buying less at once, like one bottle instead of three — which is driving retailers to lower their inventory levels.
The underlying theme, he said, is a shopper who is not pulling back entirely, but thinking twice before spending.
More from Colgate-Palmolive: Company names chief growth officer and creates Americas COO role
Retailer POV: Dollar General
Dollar General is seeing strong consumer behavior marked by increased traffic from higher-income customers, particularly households earning over $100,000, who are becoming a meaningful growth driver. While value-conscious shoppers continue to be core to the brand, the company reports that the combination of low prices, smaller pack sizes and an expanded product assortment is resonating with both budget-conscious families and wealthier shoppers. CEO Michael Creedon said during an earnings call that this is bolstered by a strategic multi-price offering and global sourcing for the lowest landed costs.
General Mills
General Mills CEO Jeffrey Harmening said the U.S. consumer is financially stressed and sentiment is near historic lows.
“Consumer sentiment is really tough right now,” he said during the conference, citing a University of Michigan poll showing the second-lowest reading ever, only behind early 2020.
Consumers are still spending, but they’re stretched, and it’s showing up in how, where and when they shop, such as right after a paycheck and always with value in mind.
For General Mills, however, this isn’t bad news. The company reports that 87% of eating occasions are now happening at home, and so General Mills’ categories are seeing modest growth. Consumers aren’t just focused on price, they’re also looking for more protein, bolder flavors and comfort.
“Consumers really look for nostalgia,” Harmening said, noting a spike in interest for classic brands like Pillsbury and Lucky Charms.
More from General Mills: Company to acquire Tiki Pets, Cloud Star Pet brands
Procter & Gamble
Procter & Gamble is doubling down on what it calls “absolute superiority” — using enhanced shopper insights to unlock growth, particularly among underserved households in North America. CFO Andre Schulten estimates there’s up to $5 billion in untapped market potential in those categories.
To support this, the company is preparing for a two-year non-core restructuring in fiscal 2026, focused on portfolio strategy, supply chain efficiency and organizational redesign.
COO Shailesh Jejurikar emphasized that true growth means offering products that are not just good, but better than any alternative. That includes everything from advanced formulation and design to seamless communication across shelves, packaging and digital touchpoints.
“What this means is better consumer insights on what's required for the specific job to be done,” he said at the conference.
More from P&G: Study says Gen AI gets CPG teams working 12% faster
Retailer POV: Costco
While consumer behavior remains somewhat unpredictable due to economic uncertainty and category-specific fluctuations, Costco CFO Gary Millerchip said during recent earnings conversations that members continue to prioritize value, quality and product newness. Despite some month-to-month variability, such as higher sales in categories like consumer electronics and paper products in April, shoppers are still actively purchasing non-food items when these core expectations are met.
The Coca-Cola Company
The Coca-Cola Co. president and CFO John Murphy said consumers are still adjusting to years of disruption from COVID, inflation and geopolitical instability, and that the instability is shaping behavior long term.
“There’s been reasons for consumers… to be somewhat derailed from their normal patterns,” he said at the conference.
Despite that, consumption has remained strong overall, though recent bumps, such as a viral video that the company said incorrectly claimed it reported Latino workers to ICE, have contributed to volume declines in the U.S. and Mexico.
Looking ahead, Murphy sees major opportunities in emerging categories like advanced hydration and tea.
“Fuze Tea has been almost silent in the way it’s crept up and is now a $1 billion brand,” he noted, highlighting new innovation like a Sprite-plus-tea product inspired by viral consumer behavior.
Coca-Cola is doubling down on data, AI and marketing innovation to meet changing consumer needs with an ROI mindset that keeps close track of what’s actually working.
“Are we recruiting consumers through all this great work? If so, where? If not, why?” he said.
More from Coca-Cola: Florida Bottler hires supply chain leader
