Analysts have said that overall consumer sentiment in China is down, but the case is quite different when it comes to condoms as Durex maker Reckitt said on Wednesday (July 26) that the trend is not stopping people from buying more and more condoms, a report by news agency Reuters mentioned.
Recently, Albert Park, who is the chief economist at the Asian Development Bank, said that China’s cautious consumer confidence has been a “dampener” for its fragile recovery.
China on Monday reported second-quarter GDP numbers, which largely missed expectations. The data showed that China’s economy grew 6.3% from a year ago in the quarter ending June. Meanwhile, retail sales for June increased by 3.1%.
The statistics also highlights that China’s post-Covid growth is may not going the way it was projected.
But few commodities are not bound by market fluctuations. Are condoms one of them?
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On Tuesday, the British consumer goods giant Unilever said that because of a drop in China’s property market and exports, consumer sentiment to a historic low.
On the contrary to the trends, Reckitt reported earnings results on Wednesday. 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.
In China, Reckitt saw “the benefit of re-opening post-COVID-related lockdowns” and it grew by high-single digits globally.
While talking about the growth, CEO Nicandro Durante said that Reckitt is launching innovations such as new materials for condoms, and second, people “are enjoying the nightlife”.
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