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Consumer behavior will remain unpredictable in future, say experts

  

Top industry executives at a recent Dublin conference said, they expect consumer behavior to remain unpredictable for the foreseeable future as global retailers and consumer goods makers continue to remain in a crisis mode. Since the beginning of 2020, the STOXX Europe 600 Retail EUR Price Index has stabilized at one-fifth its original value. The equivalent index for European food and beverage makers has declined by over 4 per cent

The faltering supply chain has also threatened the manufacturing and consumer goods industry over the past year as shipments remained trapped in log jams due the pandemic-induced lockdowns, panic buyers and sanctions on Russia. Shipping costs have increased by around 30 per cent, says logistics giant Maersk, which transports goods for companies like Walmart and Nike. Consumers goods companies are struggling with issues like soaring inflation, climate change and global food crisis, says Alan Jope, CEO, Unilever.

Inflation is rising, particularly in Europe, says Ayla Ziz, Global Head-Sales, Danone. Tobias Wasmuht, CEO, Spar International adds, the supermarket chain owner is trying to mitigate the impact by cutting costs and becoming more efficient. But, the increased raw material costs are likely to be passed onto shoppers, he warns.

 
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