全球投资策略全球消费者大会

Deutsche Bank Conference compendium14 - 16 June 2022 dbAccess Global Consumer Conference #PositiveImpactDistributed on: 08/06/2022 14:43:13 GMT7T2se3r0Ot6kwoPaThis page has been left blank intentionally8 June 2022Consumer StaplesIn Staples, we expect broad debate around the shape and nature of consumer demand in the context of rising prices, consumer uncertainty, Ukraine conflict impacts, lasting COVID effects and a return to more normalised out-of-home activity. Supply chain challenges will be in focus as well as longer-term investment priorities such as digitisation/e-commerce, ESG/sustainability, category premiumisation/reinvention, and portfolio optimisation/M&A.Luxury GoodsWe expect investors to focus on European recovery trends in tourism and the sustainability of local demand (especially in China and US); the re-emergence of experiential luxury; accelerating e-commerce adoption and digitisation of the customer journey for Gen Z and Gen Y consumers; normalised margins and the impact of inflation; M&A consolidation and category diversification and finally the importance of ESG.Food RetailWe expect investors to broadly focus on the rate of wallet shift back to services; whether market share gains by conventional grocers can be retained and/or increased; retailers’ ability to pass on (and how much) food inflation and protect merchandise margins; navigating the supply chain disruption and taking greater control of distribution capabilities; whether e-commerce gains will be sustained; and the potential for M&A activity.ApparelWe expect investor focus on the sustainability of margin gains as we begin to cycle tougher compares; the complexities of the supply chain disruption and inventory levels; the promotional environment; companies that have pricing power to help offset rising product costs; and, in the long-term, identifying the structural winners.Tom SykesResearch AnalystSteve PowersResearch AnalystAdam CochraneResearch AnalystAndre JuillardResearch AnalystChristopher Barnes, CFAResearch AnalystDavid BegleiterResearch AnalystEmmanuel Papadakis, Ph.D., CFAResearch AnalystGabriella CarboneResearch AnalystGerry GallagherResearch AnalystKrisztina KataiResearch AnalystMatt GarlandResearch AnalystMichael KuhnResearch AnalystMitch CollettResearch AnalystSilvia CuneoResearch AnalystVirginie Boucher-FerteResearch AnalystDeutsche Bank AGDeutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 051/04/2022. Deutsche BankResearch Industry dbAccess Global Consumer Date Special Report Conference compendiumGlobal Consumer19th Annual Global Consumer Conference, Paris 14-16 JuneWe are pleased to welcome guests