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Consumer Stocks Under Pressure (P&G)

December 8, 2025


Consumer stocks are taking a beating this morning.  P&G, Unilever, Dollar General, Walmart, and more are all trading lower than the market today.  


The cause seems to be related to P&G.  Barclays and Deutsche Bank both put out comments this morning after their analysts met with P&G’s current CEO and incoming CEO.  The tone was dire.  The Barclays analyst said that it could take 12-18 months for P&G to get back firing on all cylinders.  The primary driver of weakness seems to be the US consumer business.  


Looking at the sector more broadly, we just wrapped up retail earnings season.


Goldman Sachs Research Department (my alma mater) published a terrific summary of retail companies’ comments about the current state of the consumer.  See below.  It too is kinda dire.



If you have the patience to actually read all these, you’d have a terrific view of how things are going.  The general trend seems to be that low-income consumers are under spending pressure, while the higher-income consumers are still spending well.


They arent mentioned in this list, but the off-price retailers -- Ross Stores and TJ Maxx -- both reported strong results a couple weeks ago. This was likely due to shoppers "trading down" to their offering, compared to full price offering.


These trends are also reflected in the macro economic data, as we see unemployment (and undermployment) trending upward, while savings rates are trending lower.

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