2022 was a good year for Procter & Gamble (NYSE: PG) stock investors. Yes, shares declined through mid-December. But P&G outperformed the S&P 500 in a down year, just as you might expect from a leader in the consumer staples space.

The year ahead might be a different story. Sales volumes look weak heading into 2023, which could add pressure to the company as it seeks to roll out more price increases. Shoppers are not in a free-spending mood either, and they might tilt their focus toward products offering the best bargains.

With that key risk in mind, let's look at where P&G might lead shareholders over the next year.

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Source Fool.com