FMCG Giants HUL, Dabur Cut Ad Spend, Prioritize Profit Amid Weak Demand

• India's leading FMCG companies, including HUL and Dabur, reduced advertising and promotional (A&P) spending in 9M FY26.
• Weak urban demand and margin pressures led to a cautious approach, prioritizing profitability over extensive brand investments.
• HUL increased A&P by 4.07% to Rs 4,752 crore, maintaining 10% of revenue, focusing on future-ready marketing and social-first demand generation.
• Dabur's ad spending decreased to Rs 673.55 crore; CFO Ankush Jain indicated reinvestment of gross margin gains into advertising.
• Marico bucked the trend, increasing A&P by 19.07% to Rs 980 crore, likely for digital-first brands like Plix, True Elements, and Beardo.