Lafley's remarks came as announced it had increased its media output over the quarter January to March by 5% while cutting its spend for the same period by $440m (£297m).
P&G, whose best-known brands include Duracell, Pampers and Gillette, said it is looking to continue to find ways of reducing media spend without impacting output or impressions.
The reductions mean the company's advertising spend-to-sale ratio is its lowest in 15 years.
Lafley said: "In the near term it could even be a bit more of a buyer's market.
"So what we've tried to do is take our market-mix modelling and our market ROI analysis and figure out how to spend a little less money and get a lot more delivery."
The announcement comes as P&G announced disappointing trading results with overall sales down by 8% to $18.4bn.
The company said the strength of the dollar was largely to blame and pointed out it had been obliged to raise prices in developing markets.
Lafley also said the company may look at divesting some of its brands, citing Braun in particular as a target for restructuring.
P&G is also looking at restructuring its category management along consumer and retail lines.
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