CEOs of consumer and retail (C&R) businesses are confident about their own company’s growth prospects but divided over economic growth over the next three years, a survey of 120 sector leaders from across the world finds.
The KPMG 2024 CEO Outlook, now in its tenth year globally, reveals 82 percent of C&R leaders believe they’re on a growth trajectory (up from 79 percent in 2023) but only 59 percent feel the same way about broader economic growth – the lowest of all industries surveyed by KPMG.
In 2024, the top three challenges noted for C&R CEOs include economic uncertainty (58 percent), geopolitical complexities (53 percent), and the adoption of Gen AI (48 percent). Despite these challenges, their convictions about sector growth continue to strengthen, up to 81 percent from 76 percent in 2023 and above the cross-industry average of 74 percent. This positive sentiment may be fueled by the C&R sector’s position within the “real economy,” providing essential goods and services that remain relevant even in times of economic uncertainty.
Key findings
- 82 percent of C&R CEOs are confident about their company’s growth prospects but only 59 percent are optimistic about economic growth, the lowest of all industries surveyed
- In 2024, the top three challenges noted for C&R CEOs include economic uncertainty (58 percent), geopolitical complexities (53 percent), and the adoption of Gen AI (48 percent)
- 81 percent of C&R CEOs recognize sales and marketing as a key investment area for Gen AI
- 84 percent (the highest of all sectors) state that a degree of regulation regarding Gen AI should mirror that of climate commitments
- For 74 percent of C&R CEOs, ESG principles are now fully embedded into their businesses and 63 percent are confident that they will meet net zero goals by 2030 - significantly higher than the 51 percent cross-industry average
