It seems a lot more likely that you get executives who come in and believe that narratives beat reality, there are a lot of people like that in the world. They are the sort who will abandon the reality of quality because that costs money then get confused when the narrative catches up. Or you get an idiot who is data-driven and detects that there is no immediate change in sales when they compromise on quality so they conclude that quality isn't valued by consumers. No malice, just a lack of strategic thinking.

We're going through massive global depopulation in the entire industrialized world. There are no new customers coming and sales will naturally trend down because of human extermination. Once everybody has an electric shaver, then you know that the next generation of customers is half the size or less. Unless you can make people grow their beards and hair faster, then there isn't going to be any demand among people who can afford a quality product. You have to start targeting the very poor, and thus lower production costs.