No. 44
Beauty · Fashion · FMCG · Culture · PR

The Weekly Marketing Report

made by Ellen Henriksson Burén

Period analysed 26 October to 1 November 2026

The week's results set price against volume, and the trade ran by region: in North America volume fell on modest price rises, in emerging markets it grew with price, and Hershey's candy took 13 points of price and lost 11 of volume. Fashion chose price. In Sweden, grocery volume has run about 5% above last year since the food VAT cut.

−11points of volume in Hershey's North American candy in the third quarter, on about 13 points of price, put down to price elasticity and shipment timing
+6.0%Unilever's volume in emerging markets on price of +3.3%, while in North America it fell 2.5% on price of +1.8%
−8.6%Michael Kors' revenue as Capri's gross margin rose to 63.3% on full price sell-throughs
+5.0%Swedish grocery sales volume in September on a year earlier, the fifth month at 5% or more since the food VAT cut (SCB)
The colour key · sector
Beauty

Skincare, haircare, colour, fragrance and the retailers that carry them.

Fashion

Apparel, footwear, luxury and fashion retail.

FMCG & food

Packaged goods, drinks, household, personal care and food service.

Adjacent

Services, platforms and auto: outside the core scope, read across into it.

The record

Trend-tracker movements and method notes. Deliberately uncoloured: these are observations about the evidence, not brands.

Colour carries sector only. Market is a separate, orthogonal dimension and stays a plain chip, Sweden or Int, so the two are never confused. The chart on page three is drawn in the page's own neutrals, bronze for grocery and ink for durable goods, and carries no sector colour.

About the artwork. Every picture in this issue is a photograph generated for this page with GPT Image 2.5 via Higgsfield, as in Nos. 38 to 43: eight plates opening the pages, numbered I to VIII, and one on each of the 48 find cards. All are held to one register: porcelain ground, one soft daylight source, bronze and champagne, no lettering and no identifiable face. The record's cards are greyscale on purpose, the same rule that keeps them uncoloured everywhere else. None of them is a still from the real creative. They are interpretations of the reading, they are not evidence, and they should never be shown as the work itself or as documentation of it.

Page One · The lead

Price or volume, by region

The week's results do not make one rule that price costs units; they split by region. Hershey's North American candy took 13 points of price and lost 11 of volume, which it puts down to "price elasticity and normal quarter-to-quarter shipment variability". In North America volume fell or stood still on price rises of one to three points at Unilever, Colgate, Danone, Mondelēz and Coca-Cola; in emerging markets it grew with price, Unilever's by 6.0% on +3.3%. Europe fits no rule: Mondelēz's pricing fell 3.7 points and its volume/mix rose 1.6, but Unilever's price and volume both fell.

Fashion chose the other side. Capri grew its margin on "higher full-price sell-throughs, brand mix and lower tariff rates" while Michael Kors' revenue fell 8.6%, and adidas held back footwear "to protect its full-price product franchises"; take out its tariff refund and its record margin is about flat. In beauty, Bath & Body Works put the choice in one sentence: "what we are not going to gain on margin, we're going to get on volume".

Sweden supplied a price cut passed on in full: since the food VAT cut of 1 April, grocery volume has grown 5.0% to 5.4% a year in every month since May. "Price or volume, by region" is our reading of each company's own split, region against region; the causes are theirs, Colgate gives none, and the Swedish link is ours.

Photograph: an antique brass balance scale on a porcelain table, one pan holding a single large bar of dark chocolate in plain foil, the other a small heap of many tiny wrapped sweets in plain gold and ivory foil, the beam level.

Plate I · Price or volume. One bar against a heap of small sweets, the beam level. This week the balance tipped differently in each region.

Generated for this page
Hershey, Q3North America Confectionery: price +13 points, volume −11; organic +1.6%. 29 October.
Mondelēz, Q3Europe: pricing −3.7 points, volume/mix +1.6; organic −2.1%. 29 October.
Unilever, Q3North America volume −2.5% on price +1.8%; emerging markets +6.0% on +3.3%. 28 October.
SCB, SeptemberSwedish grocery volume +5.0% on a year earlier; medical goods and cosmetics +14.1%. 29 October.
In North America modest price cost volume. In emerging markets it did not.
Page One · the lead

Responded to Culture

Page Two

The brand answered something already happening: a World Series win, two presidents, a search habit, a soap bar's scent, AI notetakers, a mascot the internet disliked. The search signals rode on moments the brands did not make.

Photograph: an empty neighbourhood bar counter late at night, a row of plain silver beer cans and scattered navy and gold confetti on the polished wood, a television glow from off frame.

Plate II · After the win. Cans and confetti on a bar counter. Miller Lite canned the beer brewed at the minute the Brewers won.

Generated for this page

7 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/07
2 · 01 Photograph: plain silver beer cans moving along a brewery canning line at night, a round industrial wall clock above them, a few strands of navy and gold confetti on the conveyor
FMCG & foodIntLimited cans

The minute they won

2 · 02 Photograph: a single slice of cheesecake on a white plate under a spotlight in an empty restaurant, an unused microphone on a stand beside the table
FMCG & foodIntSilence

The brand that said nothing

2 · 03 Photograph: a cafe table seen from above with three plates of street food, a phone lying face up showing a glowing map pin, warm city light
AdjacentIntProduct

The search habit, productised

2 · 04 Photograph: a clear glass bottle moulded in the soft oval shape of a bar of soap, a small gold bird on its cap, beside a wet white soap bar on a white bathroom shelf, soft steam on the tiles
BeautyIntDrop

A soap bar, sold out

2 · 05 Photograph: hands knitting chunky undyed wool beside an open laptop showing a blurred grid of video call tiles, a mug of tea on a farmhouse kitchen table
AdjacentIntService

A knitter for your meeting

2 · 06 Photograph: a big yellow furry mascot head lying on a city pavement beside a few blank cardboard placards, overcast light
AdjacentIntMeme

A mascot, rejected

2 · 07 Photograph: an animator's desk by a frosty window, loose pencil sketches of a fox and a lynx beside a small leather handbag, a lightbox glowing
FashionIntFilm

Made by hand, in the title

Card 2 · 01

The minute they won

Level 5 · a brand answering a result it did not create, with a measured search signal

After the Milwaukee Brewers won their first World Series on 28 October, Miller Lite is, in Ad Age's words, releasing limited cans "filled with the beer that was being produced at its Milwaukee brewery at 10:13 p.m. on Wednesday, the precise moment the Brewers clinched the championship": 4,400 of them, free to fans. US searches for "Miller Lite" hit 100 on 29 October against 27 to 51 in the ten days before, and "Clinch Cans" registered at 14 from nothing. Part of the rise is the win itself, since it is a Milwaukee beer; the idea registering by name is the signal.

Ad Age 2026-10-29 · Google Trends Explore, US, read 2026-10-31 11:50 UTC

The week's search signals rode on moments the brands did not make.
Page Two · responded to culture
The Weekly Marketing Report · No. 44Page Two · Responded to Culture

The Home Market

Page Three

Swedish grocery volume has run about 5% above last year in every month since May, after the food VAT cut of 1 April. Households turned gloomy in October; trade firms did not, and they expect to raise prices.

Photograph: a Swedish supermarket checkout belt in clear morning light carrying an ordinary week of groceries, a carton of milk, rye bread, apples, a bag of oats and a jar of lingonberries, no packaging text.

Plate III · An ordinary week. A Swedish checkout belt. Since the VAT cut, a little more of it in volume.

Generated for this page

Since the food VAT cut

Swedish retail sales volume against the same month a year earlier, per cent, calendar adjusted, constant prices, September 2025 to September 2026. Grocery ran between −0.3% and 2.2% until March; in every month since May it has run at 5.0% to 5.4%.

Grocery Durable goods
0%4%8%12% SepOctNovDecJanFebMarAprMayJunJulAugSep Food VAT cut, 1 April Durable goods, Sep 2025: 8.4%Durable goods, Oct 2025: 8.2%Durable goods, Nov 2025: 12.1%Durable goods, Dec 2025: 4.6%Durable goods, Jan 2026: 7.2%Durable goods, Feb 2026: 3.9%Durable goods, Mar 2026: 9.6%Durable goods, Apr 2026: 5.5%Durable goods, May 2026: 10.7%Durable goods, Jun 2026: 10.3%Durable goods, Jul 2026: 9.0%Durable goods, Aug 2026: 9.0%Durable goods, Sep 2026: 5.7% Grocery, Sep 2025: 0.7%Grocery, Oct 2025: 0.5%Grocery, Nov 2025: 2.2%Grocery, Dec 2025: −0.3%Grocery, Jan 2026: 0.4%Grocery, Feb 2026: 0.1%Grocery, Mar 2026: 1.9%Grocery, Apr 2026: 3.5%Grocery, May 2026: 5.4%Grocery, Jun 2026: 5.0%Grocery, Jul 2026: 5.2%Grocery, Aug 2026: 5.4%Grocery, Sep 2026: 5.0% 5.0% Durables 20252026 Grocery

Volume, not value: SCB's figures are at constant prices, so a price cut that brings more goods through the till shows here. The temporary cut in food VAT took effect on 1 April 2026, and Konsumentverket and Konjunkturinstitutet found it had passed fully into shop prices; SCB does not link its figures to the cut, and the link drawn here is ours. Durable goods slowed to 5.7% in September, the lowest since April. In the same release, stores for medical goods and cosmetics grew 14.1%. Source: SCB, Detaljhandelns försäljning september 2026, 2026-10-29, the release's own table; Konsumentverket, 2026-09-01.

Swedish grocery volume rose after the VAT cut reached the shelf.
Page Three · the home market
The Weekly Marketing Report · No. 44Page Three · The Home Market

Tried to Start Culture

Page Four

The brand went first: a Muppet carol, a confused gift shopper, a micro-drama, noodle merch, painted shopkeepers, a Christmas tearjerker. Walmart's carol met the two list test, and the search went to the Muppets.

Photograph: an empty theatre stage with a deep red velvet curtain half drawn, a Victorian top hat and a lit brass candlestick on a wooden stool, dust in the spotlight.

Plate IV · An empty stage. A top hat and a candle. The week's most noticed launch borrowed its story and its cast.

Generated for this page

9 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/09
4 · 01 Photograph: a snow dusted Victorian street at dusk, a gas lamp, a top hat resting on a neat stack of brown delivery parcels outside a lit shop window
AdjacentIntFilm

The Muppets got the search

4 · 02 Photograph: a man's hands holding a wire shopping basket overflowing with wrapped gift sets in a brightly lit beauty aisle
BeautyIntFilm

The confused gift shopper

4 · 03 Photograph: a phone propped upright on a cluttered vanity among four warm coloured body mist bottles, fairy lights, a dress over a chair, getting ready for a night out
BeautyIntMicro-drama

A tenth of the views

4 · 04 Photograph: a messy bedside table at two in the morning, a steaming cup of instant noodles, a crumpled plain hoodie and gel under eye patches on a saucer
FMCG & foodIntMerch

The shame line is the product

4 · 05 Photograph: a gilt framed oil portrait on an easel seen from behind, standing in a fish and chip shop with the fryers glowing
FMCG & foodIntPortraits

Royal painters, local shops

4 · 06 Photograph: an almost empty perfume bottle on a dressing table beside a tangle of unlit Christmas lights, quiet winter light
BeautyIntChristmas film

The first tearjerker

4 · 07 Photograph: a storage unit door half raised at night, a shaft of torchlight falling on a lone teddy bear among cardboard boxes
AdjacentIntMicro-tales

Horror in the storage unit

4 · 08 Photograph: a small vintage circus ring at night with a striped tent, coloured bulbs and an empty spotlight, a slightly eerie mood
AdjacentIntTrailer

A trailer the fans helped write

4 · 09 Photograph: an off grid bunker interior stocked with tinned food, folded wool blankets and outdoor jackets on hooks, a single bulb
FashionIntContest

A bunker as a prize

Card 4 · 01

The Muppets got the search

Level 4 · two weekly roundups and a launch day search spike, on the borrowed film

Walton Goggins as Scrooge with the Muppets, three new ghosts for presents, deals and fast delivery. CMO William White: "reappraisal is at the heart of the story in A Christmas Carol, just as reappraisal is at the heart of what we are driving with the ‘Who Knew?’ campaign". The only campaign launched in the window on two of the three weekly lists out by Saturday (Adweek, first, and Muse). US searches for "Muppet Christmas Carol" hit 100 on launch day, the month's high, while "Walmart commercial" stayed within its October range. The second week running that the search went to someone else's entertainment property.

Adweek 2026-10-26 · Adweek Ads of the Week 2026-10-30 · Muse by Clio 2026-10-29 · Google Trends Explore, US, read 2026-10-31 11:49 UTC

The Weekly Marketing Report · No. 44Page Four · Tried to Start Culture

Sweden

Page Six

A beauty opening that needed the police, three fashion and underwear brands ruled against, second hand moving into stores, and households turning gloomy while retailers stayed confident.

Photograph: a bright Scandinavian shopping mall corridor in the early morning before opening, a lowered metal shutter, a velvet rope on brass stanchions and a long empty space where a queue would stand.

Plate VI · Before opening. A mall corridor before the shutters go up. At KICKS' new store the queue became the story.

Generated for this page

9 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/09
6 · 01 Photograph: a long queue seen from behind of young people in trainers and puffer jackets snaking down a bright mall corridor before opening, a metal shutter half up, no faces
BeautySwedenOpening

The queue became the story

6 · 02 Photograph: a pale yellow sleeveless dress on a hanger in hard summer sun against a blue sea and sky, a sharp shadow across the fabric
FashionSwedenRO ruling

The light, not the size

6 · 03 Photograph: two steel front loading washing machines in a tiled laundry room, a folded lace bra and briefs resting on top
FashionSwedenRO ruling

Underwear by the machines

6 · 04 Photograph: a plain matte pouch and a scoop of chocolate protein powder on a pale kitchen counter, a glass of milk beside it
FMCG & foodSwedenRO ruling

"100% Product of Sweden"

6 · 05 Photograph: a two storey store interior of concrete, stone, glass and brushed steel, rails mixing new and worn garments in natural light
FashionSwedenFlagship

Three brands and second hand

6 · 06 Photograph: a rail of second hand denim jackets in a thrift store, paper price tags on string, warm shop light
FashionSwedenSurvey data

Second hand moves into stores

6 · 07 Photograph, greyscale: an empty wire shopping basket on a kitchen table in grey morning light, a folded receipt beside it
The recordSwedenBarometer

Households gloomy, shops not

6 · 08 Photograph: hiking backpacks and a rolled rain jacket on a sunlit Nordic mountain trail in summer haze
FashionSwedenResults

The heat sold outdoor gear

6 · 09 Photograph: a Swedish pharmacy shelf of unlabelled serum bottles and cream tubes in neat rows under cool white light
BeautySwedenStatistics

Cosmetics +14.1%

Card 6 · 01

The queue became the story

Level 3 · a police notice and independent press

At KICKS' new 500 m² statement store, hundreds of mostly very young people queued for a goodie bag; the police notice says guards judged "att det finns en risk att personer kan fara illa i kön" (that there is a risk people could come to harm in the queue). KICKS told SVT it takes seriously that "situationen utvecklades på ett sätt som skapade oro på plats" (the situation created unease on site), and Market headlined "Vi tar ansvar för det som hände" (we take responsibility for what happened). The offer's terms are second hand. A scarcity drop that drew the crowd and lost the story.

Polisen 2026-10-24 · SVT 2026-10-24 · Market 2026-10-26

The Weekly Marketing Report · No. 44Page Six · Sweden

Launches & Results

Page Seven

The results behind the lead: candy priced up and sold less, chocolate priced down and sold more, a record margin that was mostly a refund, and perfume at both ends of the price ladder.

Photograph: a long ivory table with a faceted perfume bottle, a broken bar of chocolate, a white leather trainer and a small glass soda bottle laid out in a row.

Plate VII · The week, laid out. A perfume, a chocolate bar, a trainer and a soda. The week's results in four objects.

Generated for this page

9 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/09
7 · 01 Photograph: a cut glass bowl of foil wrapped chocolates on a dark doorstep, half empty, the glow of a carved pumpkin at the edge of the frame
FMCG & foodIntResults

+13 price, −11 volume

7 · 02 Photograph: a long triangular chocolate bar broken into pieces on a marble counter beside a small heap of cocoa beans, cool morning light
FMCG & foodIntResults

Lower price, more units

7 · 03 Photograph: rows of small unlabelled glass soda bottles and one oversized can on a corner shop counter in hot afternoon light, condensation on the glass
FMCG & foodIntResults

"Affordability is working"

7 · 04 Photograph: a satin track jacket over a chair beside a slipper like suede trainer on a parquet floor
FashionIntResults

The refund in the record

7 · 05 Photograph: a crystal strapped evening heel in sharp light and a structured leather tote in soft shadow on a marble shelf
FashionIntResults

Full price, smaller sales

7 · 06 Photograph: a squat glass perfume bottle on a mirrored retail shelf, lit from above, a blurred row of other bottles receding behind it
BeautyIntRetailer rank

First in its first week

7 · 07 Photograph: a round blue tin of cream with its lid off beside a clinical white pump bottle and a small faceted luxury jar on cold blue silk, top down
BeautyIntResults

The blue tin shrinks

7 · 08 Photograph: a long line of identical pink body mist bottles on a store shelf, one engraved crystal bottle set apart on a velvet plinth at the end
BeautyIntStrategy

Same price, stronger scent

7 · 09 Photograph: a paper grocery bag on a doorstep at dusk, a phone glowing on top of it, a front door slightly open
AdjacentIntDeal

The grocery ad shelf changes hands

Card 7 · 01

+13 price, −11 volume

Level 5 · company release

In North America Confectionery, price added about 13 points and volume took away about 11, which Hershey puts down to "price elasticity and normal quarter-to-quarter shipment variability, which more than offset strong seasonal shipments". Group organic +0.8%; advertising +17.1%; outlook cut to about 3%. Halloween itself falls after the quarter.

Hershey 8-K 2026-10-29 · Food Dive 2026-10-29

Hershey took 13 points of price and lost 11 of volume.
Page Seven · launches and results
The Weekly Marketing Report · No. 44Page Seven · Launches & Results

Claimed, Unverified

Page Eight

Claims this report carries without evidence: out of stock in many markets, four times expectations, an export success, a season's number one. Kept visible on purpose.

Photograph, greyscale: a vintage chrome megaphone resting on a stack of blank papers on a wooden desk, an uncapped fountain pen beside it.

Plate VIII · Said, not shown. A megaphone on blank paper. What is on this page has been announced, not measured.

Generated for this page

6 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/06
8 · 01 Photograph, greyscale: an empty supermarket shelf with a few toppled orange bottles and a carved pumpkin at the end of the aisle
The recordIntBrand claim

"Out of stock in many markets"

8 · 02 Photograph, greyscale: a structured leather handbag on a ring lit table in front of a phone on a small tripod, a live stream setup
The recordIntCall claim

"Four times expectations"

8 · 03 Photograph, greyscale: a clear plastic skull filled with sweets among small pumpkins at a supermarket entrance
The recordSwedenRetailer claim

A Swedish skull for export

8 · 04 Photograph, greyscale: a digital screen glowing above a supermarket aisle, its display blank and bright
The recordIntRetailer claim

"80% gained share"

8 · 05 Photograph, greyscale: a pistachio green ice cream bar with a cracked chocolate shell held against a late October sky
The recordIntCompany claim

"The season's number one"

8 · 06 Photograph, greyscale: a perfume atomiser with a tasselled bulb beside a dusty rose make-up compact on a dressing table
The recordIntPlan

"Top two" by 2032

Card 8 · 01

"Out of stock in many markets"

Level 1 · the brand's own claim

Fanta's global marketing VP told Adweek: "We’re already out of stock in many markets", apparently said about two weeks before Halloween. The campaign was in market before the window. The one third party measure in the piece, Morning Consult's buzz and consideration among parents, had "declined slightly from September", and US search for Fanta was flat.

Adweek 2026-10-28 · Google Trends Explore, US, read 2026-10-31

The Weekly Marketing Report · No. 44Page Eight · Claimed, Unverified