P&G says confidence will allay double dip recession

Brands must “move forward with caution and confidence” to build a stronger, sustainable growth and avoid a double dip recession, according to P&G vice president and general manager for the UK and Ireland, Irwin Lee.

Speaking at the IGD Annual Convention later on today (12 October), Lee will paint an optimistic picture of the economic outlook and outlines three strands of action that brands  should take to “shape behaviour and create confidence in a brighter future”.

He adds that innovation, connection and collaboration will help shape the economic recovery and ensure sustainable growth.

“We need to look at how we innovate for the consumer, how we connect today and tomorrow and work together as an industry with the consumers’ best interest at heart, he says”

While recognising the impact of the Government’s spending cuts and  the rise in VAT coming into force in January 2011, Lee calls on industry to  be confident in the future and avoid “talking ourselves back into a double dip recession.

“Growth comes form a constant stream of innovation” but this has to be both horizontally into new areas as well as vertical into new price positions to serve the full scale of consumers.

In terms of connecting with consumers and driving brand messages, Lee is quick to point out that while developments in digital, mobile and social media are shaping how brands communicate with consumers, traditional media such as TV remains important for “mass reach”.

Lee adds: “We live in a multi-tasking, multi-sensorial, multimedia world so the question for the future of consumer connections isn’t how do we shift from traditional to new media, but how do we maximise multi-touchpoints.”

He also highlights the importance of collaboration between suppliers and retailers “to enhance the shopping experience” of consumers.

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