Kenvue CEO says consumers are spending on brand-name health products even as they pull back in other areas
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Thibaut Mongon, CEO of Kenvue Inc. a Johnson & Johnson's consumer-health business, speaks during an interview to celebrate its IPO at the New York Stock Exchange (NYSE), May 4, 2023. Brendan Mcdermid | Reuters Most consumers have pulled back on spending as inflation squeezes their wallets, but they have not stopped paying up for brand-name health and personal care products, Kenvue CEO Thibaut Mongon said. Mongon told CNBC on Thursday that consumers are still willing to spend on the company's branded products – even as they reduce discretionary spending at retail stores and trade down on some essential items by changing their usual purchase size or switching brands for lower prices. The Johnson & Johnson consumer spinoff Kenvue beat second-quarter revenue and adjusted earnings estimates on Thursday, fueled by resilient demand for the company's wealth of widely known brands such as Band-Aid, Tylenol, Listerine, Neutrogena and Aveeno. Still, the co