<p>比尔·彼得斯</p>
<p>宝洁和金佰利正在努力吸引愿意为更好、更耐用的必需品支付更多的消费者</p>
<p>宝洁的纸尿裤品牌 Pampers 和金佰利的 Huggies，曾经陷入价格战，如今正推出其纸尿裤的高端版本。</p>
<p>丝绸纸尿裤？这并不罕见，因为宝洁和金佰利等家庭基础产品巨头正在通过推出一些必需品的 “高端” 版本来迎合消费者的需求，以便在商店货架上脱颖而出。</p>
<p>这些公司希望吸引那些多年来一直在寻找更便宜替代品的消费者，随着价格上涨，他们可能对所支付的产品感到越来越失望。</p>
<p>在最近与分析师的电话会议上，这两家公司都表示，专注于豪华纸尿裤和其他升级版基础产品是正确的发展方向，尽管华尔街的一些人对竞争、需求以及公司能否维持更高价格表示担忧。</p>
<p>金佰利（KMB）首席执行官迈克尔·许在周二的财报电话会议上表示：“我们看到进一步扩展我们的品类、增加渗透率和逐步高端化的机会。”</p>
<p>他补充道：“我可以告诉你，我对未来三年的创新比我们过去三年所做的更感到兴奋。”</p>
<p>上周，宝洁（PG）首席执行官 Shailesh Jejurikar 引起了一些媒体关注，他强调了公司在中国推出的 Pampers Prestige 纸尿裤，这种纸尿裤采用丝绸材料制作。在公司的财报电话会议上，他将这些纸尿裤描述为在一个经济不稳定、去年出生率创历史新低的国家中技术和设计的胜利。</p>
<p>“他们利用了中国与丝绸的历史，” Jejurikar 说。“这种光滑、柔软但又坚韧的奢华材料在 2000 多年来一直是地位的象征。”</p>
<p>他说，过去 18 个月，整个中国地区的婴儿护理市场实现了两位数的有机销售增长，并增加了市场份额。他表示，专注于高端产品推动了这些增长。</p>
<p>在周二的金佰利第四季度财报电话会议上，管理层表示，他们在北美纸尿裤市场的份额已经连续两年扩大。这些增长是在多年来努力向高端市场靠拢之后实现的。</p>
<p>十多年前，金佰利和宝洁曾陷入纸尿裤的价格折扣战。但在九月份的一次会议上，金佰利首席运营官 Russ Torres 表示，近年来，公司在北美的纸尿裤和面巾纸选择上已经 “高端化”。2019 年，这些类别中约 50% 的产品属于高端档次。去年，这一比例上升到 70%。</p>
<p>随着其他 “奢侈” 纸尿裤品牌如 Coterie 和 Honest Co.的崛起，它们通常宣传自己的柔软性、更安全的成分以及更具吸水性、部分植物基材料，给宝洁的 Pampers 及其通常价格较低的 Luvs，以及金佰利旗下的 Huggies 带来了更大的竞争压力。</p>
<p>这些公司进入的基础产品市场正面临来自新市场参与者的更激烈竞争，这些参与者提供价格更低的产品，以及大型零售商的更便宜的自有品牌。消费者的收入越低，他们在支出方面就越谨慎。消费者还表现出在使用纸巾、洗发水和其他必需品时更加节俭，以节省供应。</p>
<p>尽管如此，晨星分析师 Erin Lash 在一次采访中表示，即使消费者的财务状况紧张，他们也可能愿意为更好的基础产品支付更多，这些产品可能会带来更长期的回报。更好的洗衣液可能会让衣物使用更久。更坚固的垃圾袋可能不易破裂。</p>
<p>她表示，考虑到舒适性和质量的纸尿裤也可能在进行类似的计算。</p>
<p>“如果一款高端纸尿裤能让你的宝宝更健康，避免皮疹和感染，帮助他们整夜安睡，防止泄漏并在外出时弄脏衣物，那么支付更多可能是值得的，” 她说。</p>
<p>Lash 指出，随着金佰利努力制造更灵活、舒适和防漏的纸尿裤，创新正在其高价和低价产品上同时进行。因此，中价纸尿裤的受欢迎程度略有下降。</p>
<p>“金佰利提到，在优质 - 良好 - 最佳的层级中，‘最佳’ 和 ‘良好’ 表现良好，而 ‘良好’ 的产品则受到挤压，” 她说。</p>
<p>金佰利的第四季度销售额较去年下降，而销量——即销售的产品数量——略有上升，这表明价格有所下降。</p>
<p>这与宝洁最近一个季度的情况略有不同，宝洁的销量下降，而销售额略有上升，意味着价格上涨。然而，宝洁对未来几个月的前景更加乐观，因为新产品在美国市场逐渐获得认可。</p>
<p>这两家公司都表示，他们希望更加专注于新产品，并加大对研发的投入。例如，宝洁去年底开始推出更强效的 Tide 洗衣液。在夏季，管理层强调了多款产品的升级，如更强效的 Mr. Clean 清洁海绵和新的 Oral-B 电动牙刷。</p>
<p>TD Cowen 的分析师认为，金佰利和宝洁可能低估了竞争对手更深层次折扣的影响。问题是，消费者是否愿意为这些新改进的家庭必需品支付更多？</p>
<p>“宝洁在市场研究、研发和媒体方面的竞争优势无疑为他们提供了一个良好的开端，” TD Cowen 的分析师在最近给客户的报告中写道。</p>
<p>-比尔·彼得斯</p>
<p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻通讯</p>
<p>01-28-26 1545ET</p>

宝洁

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<p>宝洁和金佰利正将重点从价格竞争转向高端尿布产品，目标是愿意为质量支付更高价格的消费者。两家公司均报告其高端市场的增长，金佰利在北美的市场份额有所扩大。宝洁的 Pampers Prestige 采用丝绸材质，在中国市场获得了良好的反响。分析师指出，即使是财务紧张的消费者，也可能选择提供长期利益的高质量产品，尽管中价位产品的需求有所下降。尿布市场面临来自奢侈品牌和自有品牌的竞争，促使高端和预算产品的创新</p>

<p>By Bill Peters</p>
<div class="lb-trans"><p>比尔·彼得斯</p>
</div><p>Procter &amp; Gamble and Kimberly-Clark are looking to attract consumers willing to pay more for essentials that work better, last longer</p>
<div class="lb-trans"><p>宝洁和金佰利正在努力吸引愿意为更好、更耐用的必需品支付更多的消费者</p>
</div><p>Pampers parent P&amp;G and Huggies seller Kimberly-Clark, who were once locked in a price war, are now pushing premium versions of their diapers.</p>
<div class="lb-trans"><p>宝洁的纸尿裤品牌 Pampers 和金佰利的 Huggies，曾经陷入价格战，如今正推出其纸尿裤的高端版本。</p>
</div><p>Silk diapers? It's not unheard of, as household-basics giants like Procter &amp; Gamble and Kimberly-Clark buck the consumer trend of bargain-hunting by pushing more &#34;premium&#34; versions of some essentials in an effort to stand out on store shelves.</p>
<div class="lb-trans"><p>丝绸纸尿裤？这并不罕见，因为宝洁和金佰利等家庭基础产品巨头正在通过推出一些必需品的 “高端” 版本来迎合消费者的需求，以便在商店货架上脱颖而出。</p>
</div><p>Those companies are looking to appeal to consumers who for years have been seeking cheaper alternatives as prices have risen, and who may be increasingly frustrated with getting what they paid for.</p>
<div class="lb-trans"><p>这些公司希望吸引那些多年来一直在寻找更便宜替代品的消费者，随着价格上涨，他们可能对所支付的产品感到越来越失望。</p>
</div><p>On recent calls with analysts, both companies have said that a focus on deluxe diapers and other upgraded basics is the right path forward, even as some on Wall Street worry about competition, demand and the companies' ability to command higher prices.</p>
<div class="lb-trans"><p>在最近与分析师的电话会议上，这两家公司都表示，专注于豪华纸尿裤和其他升级版基础产品是正确的发展方向，尽管华尔街的一些人对竞争、需求以及公司能否维持更高价格表示担忧。</p>
</div><p>&#34;We see further opportunity to expand our categories, expand penetration and premiumize over time,&#34; Kimberly-Clark (KMB) Chief Executive Michael Hsu said during the company's earnings call on Tuesday.</p>
<div class="lb-trans"><p>金佰利（KMB）首席执行官迈克尔·许在周二的财报电话会议上表示：“我们看到进一步扩展我们的品类、增加渗透率和逐步高端化的机会。”</p>
</div><p>&#34;I will tell you, parenthetically, I'm more excited about our next three years' innovation than what we've done in our past three,&#34; he added.</p>
<div class="lb-trans"><p>他补充道：“我可以告诉你，我对未来三年的创新比我们过去三年所做的更感到兴奋。”</p>
</div><p>Last week, Shailesh Jejurikar, the chief executive of Procter &amp; Gamble (PG) , drew some media attention when he highlighted the company's Pampers Prestige diapers, which are made with silk materials and sold in China. During the company's earnings call, he described the diapers as a triumph of technology and design in a nation with a shakier economy and record-low birth rates last year.</p>
<div class="lb-trans"><p>上周，宝洁（PG）首席执行官 Shailesh Jejurikar 引起了一些媒体关注，他强调了公司在中国推出的 Pampers Prestige 纸尿裤，这种纸尿裤采用丝绸材料制作。在公司的财报电话会议上，他将这些纸尿裤描述为在一个经济不稳定、去年出生率创历史新低的国家中技术和设计的胜利。</p>
</div><p>&#34;They leveraged the Chinese history with silk,&#34; Jejurikar said. &#34;The shiny, soft yet strong, luxurious material has been a status symbol for more than 2,000 years.&#34;</p>
<div class="lb-trans"><p>“他们利用了中国与丝绸的历史，” Jejurikar 说。“这种光滑、柔软但又坚韧的奢华材料在 2000 多年来一直是地位的象征。”</p>
</div><p>He said that the baby-care segment in the greater China region had put up double-digit organic sales growth over the past 18 months and increased its market share. The focus on upper-end offerings drove those gains, he said.</p>
<div class="lb-trans"><p>他说，过去 18 个月，整个中国地区的婴儿护理市场实现了两位数的有机销售增长，并增加了市场份额。他表示，专注于高端产品推动了这些增长。</p>
</div><p>On Tuesday, during Kimberly-Clark's fourth-quarter earnings call, executives said they had expanded their share of the North American diaper market for two straight years. Those gains followed years of efforts to play toward the higher end.</p>
<div class="lb-trans"><p>在周二的金佰利第四季度财报电话会议上，管理层表示，他们在北美纸尿裤市场的份额已经连续两年扩大。这些增长是在多年来努力向高端市场靠拢之后实现的。</p>
</div><p>More than a decade ago, both Kimberly-Clark and P&amp;G were locked in a diaper discount war. But at a conference in September, Kimberly-Clark Chief Operating Officer Russ Torres said that over recent years, the company had &#34;premiumized&#34; its selection of diapers and facial tissues in North America. In 2019, around 50% of its products in those categories were in the premium bracket. Last year, that figure rose to 70%.</p>
<div class="lb-trans"><p>十多年前，金佰利和宝洁曾陷入纸尿裤的价格折扣战。但在九月份的一次会议上，金佰利首席运营官 Russ Torres 表示，近年来，公司在北美的纸尿裤和面巾纸选择上已经 “高端化”。2019 年，这些类别中约 50% 的产品属于高端档次。去年，这一比例上升到 70%。</p>
</div><p>The executives made the remarks as other &#34;luxury&#34; diaper brands like Coterie and the Honest Co. - which often advertise their softness, safer ingredients and more absorbent, sometimes plant-based materials - pose greater competition for mainstays like P&amp;G's Pampers and its generally lower-priced Luvs, and Huggies, which is owned by Kimberly-Clark.</p>
<div class="lb-trans"><p>随着其他 “奢侈” 纸尿裤品牌如 Coterie 和 Honest Co.的崛起，它们通常宣传自己的柔软性、更安全的成分以及更具吸水性、部分植物基材料，给宝洁的 Pampers 及其通常价格较低的 Luvs，以及金佰利旗下的 Huggies 带来了更大的竞争压力。</p>
</div><p>The companies' foray into basics that are a little less basic has arrived amid stiffer competition for household staples from both new market entrants with lower-priced products and cheaper private brands from larger retailers. The lower a consumer's income, the more caution they've had toward spending. Consumers have also shown signs of using the paper towels, shampoo and other essentials they do buy more sparingly to conserve supplies.</p>
<div class="lb-trans"><p>这些公司进入的基础产品市场正面临来自新市场参与者的更激烈竞争，这些参与者提供价格更低的产品，以及大型零售商的更便宜的自有品牌。消费者的收入越低，他们在支出方面就越谨慎。消费者还表现出在使用纸巾、洗发水和其他必需品时更加节俭，以节省供应。</p>
</div><p>Still, Morningstar analyst Erin Lash said in an interview that even when consumers are financially squeezed, they may pay up for better basics that might have a longer-term payoff. Better laundry detergent might help clothing last a little longer. Sturdier trash bags might break less.</p>
<div class="lb-trans"><p>尽管如此，晨星分析师 Erin Lash 在一次采访中表示，即使消费者的财务状况紧张，他们也可能愿意为更好的基础产品支付更多，这些产品可能会带来更长期的回报。更好的洗衣液可能会让衣物使用更久。更坚固的垃圾袋可能不易破裂。</p>
</div><p>A similar calculation was likely being made with diapers made with more comfort and quality in mind, she said.</p>
<div class="lb-trans"><p>她表示，考虑到舒适性和质量的纸尿裤也可能在进行类似的计算。</p>
</div><p>&#34;If a premium diaper is keeping your baby healthier, meaning no rashes, infections, if it's helping them sleep through the night, if it's preventing blowouts and them ruining clothes and outfits when you are out and about, it might be worth paying up for,&#34; she said.</p>
<div class="lb-trans"><p>“如果一款高端纸尿裤能让你的宝宝更健康，避免皮疹和感染，帮助他们整夜安睡，防止泄漏并在外出时弄脏衣物，那么支付更多可能是值得的，” 她说。</p>
</div><p>Lash noted that as Kimberly-Clark tries to make diapers that are more flexible, comfortable and leak-proof, the innovation is happening on both its higher-priced and lower-priced offerings. Mid-priced diapers, as a result, have fallen slightly out of favor.</p>
<div class="lb-trans"><p>Lash 指出，随着金佰利努力制造更灵活、舒适和防漏的纸尿裤，创新正在其高价和低价产品上同时进行。因此，中价纸尿裤的受欢迎程度略有下降。</p>
</div><p>&#34;Kimberly talked about the fact that, on the good-better-best tiers, 'best' and 'good' have been doing well, and 'better' has been getting squeezed,&#34; she said.</p>
<div class="lb-trans"><p>“金佰利提到，在优质 - 良好 - 最佳的层级中，‘最佳’ 和 ‘良好’ 表现良好，而 ‘良好’ 的产品则受到挤压，” 她说。</p>
</div><p>Fourth-quarter sales for Kimberly-Clark declined from a year ago, while volumes - a measure of the number of products sold - ticked higher, a sign that prices declined.</p>
<div class="lb-trans"><p>金佰利的第四季度销售额较去年下降，而销量——即销售的产品数量——略有上升，这表明价格有所下降。</p>
</div><p>That's a little different than P&amp;G's most recent quarter, in which volumes slipped while sales were up slightly, meaning prices increased. However, P&amp;G was more upbeat on the months ahead, as new products in the U.S. take hold.</p>
<div class="lb-trans"><p>这与宝洁最近一个季度的情况略有不同，宝洁的销量下降，而销售额略有上升，意味着价格上涨。然而，宝洁对未来几个月的前景更加乐观，因为新产品在美国市场逐渐获得认可。</p>
</div><p>Both companies have said they want to focus more on new products and lean harder on research and development. P&amp;G, for instance, began rolling out a stronger version of Tide detergent late last year. Over the summer, management had highlighted upgrades of a number of products, such as a stronger version of Mr. Clean cleaning sponges and new Oral-B power brushes.</p>
<div class="lb-trans"><p>这两家公司都表示，他们希望更加专注于新产品，并加大对研发的投入。例如，宝洁去年底开始推出更强效的 Tide 洗衣液。在夏季，管理层强调了多款产品的升级，如更强效的 Mr. Clean 清洁海绵和新的 Oral-B 电动牙刷。</p>
</div><p>Analysts at TD Cowen believe both Kimberly-Clark and P&amp;G may be underestimating the impact of deeper discounting by rivals. The question is, will consumers be willing to pay up for these new and improved household essentials?</p>
<div class="lb-trans"><p>TD Cowen 的分析师认为，金佰利和宝洁可能低估了竞争对手更深层次折扣的影响。问题是，消费者是否愿意为这些新改进的家庭必需品支付更多？</p>
</div><p>&#34;P&amp;G's competitive advantages in market research, R&amp;D, and media certainly provide them with a head start,&#34; wrote TD Cowen analysts in a recent note to clients.</p>
<div class="lb-trans"><p>“宝洁在市场研究、研发和媒体方面的竞争优势无疑为他们提供了一个良好的开端，” TD Cowen 的分析师在最近给客户的报告中写道。</p>
</div><p>-Bill Peters</p>
<div class="lb-trans"><p>-比尔·彼得斯</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>01-28-26 1545ET</p>
<div class="lb-trans"><p>01-28-26 1545ET</p>
</div>

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