Citi on US Beverages and Household & Personal Care: 2H'26 Thoughts After Back-to-School
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This Citi report on US beverages and household & personal care (HPC) considers the outlook for 2H26 following the back-to-school season. The available material consists of the report's exhibits, which frame the analysis across several dimensions. One chart compares long-term organic sales growth (OSG) between HPC and alcoholic/non-alcoholic beverage categories. Another tracks the gap between Procter & Gamble (PG) reported shipment volumes and consumption measured through Nielsen equivalents, a proxy for the divergence between shipments and underlying demand. Channel-level scanner data feature prominently: Monster Beverage (MNST) scan sales are broken out across xAOC versus convenience channels, with the same channel split presented for TAP's year-over-year scan sales. Promotion intensity is addressed through a chart showing promotional dollars as a share of category sales (excluding private label). Finally, the exhibit set includes estimated commodity-cost impacts on HPC for 2026E and 2027E. The provided material contains no narrative text, ratings, price targets or quantitative conclusions.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
