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However, India, Asia's third-largest economy, with its billion-plus population, has room to grow, with low-penetrated categories, a large growing middle class, and higher spending on premium products.įootwear company Skechers reported 21% year-on-year growth in sales last quarter in the Asia Pacific region led by India and South Korea. Globally, most companies are cutting costs amid inflationary pressures and an uncertain economic environment. And we are confident in our ability to navigate the turbulence,' said Alan Jope, chief executive of Unilever, parent of local unit Hindustan Unilever. 'It's a real strength for our business, the ability to disaggregate India geographically. Quincey said affordability - a key driver in emerging markets - helped Coca-Cola achieve around 3 billion transactions in India last quarter.įMCG giant Unilever said it saw a strong quarter of growth in India with positive volumes despite difficult trading conditions. In contrast, 'India's economy remains resilient with a strong job market and robust consumption,' he said. In Japan, consumers are feeling inflationary pressure for the first time in many years.

CEO James Quincey said the reopening of China has led to an increase in business, although consumption is still to recover to pre-pandemic levels.

Sales of premium products across smartphones, electronics and apparel have remained resilient ever since the pandemic. Demand for daily groceries and essentials rose 3.9% in the March quarter, the highest in two years, largely driven by urban markets as sales in villages improved, according to researcher Kantar.

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