KPMG 2024 Consumer and Retail CEO Outlook

120 Consumer & Retail CEOs

11 Countries

$500md USD+ in revenue

The global landscape is undeniably complex right now. Geopolitical shifts, economic uncertainty, and pressure on consumer spending are just a few of the forces shaping the future of business. Yet, leaders of the consumer and retail (C&R) industry are facing the future with resilience and resolve.

As part of the latest KPMG CEO Outlook, C&R CEOs from around the world were surveyed, capturing their insights amidst this turbulent landscape. What's clear is that these leaders have become masters at navigating change and uncertainty. While they acknowledge the challenges that lie ahead, they remain optimistic about the future growth of the consumer and retail industry.

KPMG 2024 Consumer and Retail CEO Outlook

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Key findings from our research

82%

of C&R CEOs are confident about their company’s growth prospects but only 59% are optimistic about economic growth which was the lowest of all industries surveyed
In 2024

The top three challenges for C&R CEOs include economic uncertainty (58%), geopolitical complexities (53%), and the adoption of generative AI (48%)
81%

of C&R CEOs recognize sales and marketing as a key investment area for Gen AI
63%

are confident that they will meet net zero goals by 2030.
48%

of our respondents say they are ‘well prepared’ for a cyber attack

What is striking is that, despite a challenging macroeconomic landscape, over 80% of C&R CEOs remain confident about industry and company growth. Gen AI, particularly within sales and marketing, is viewed as a key driver, with C&R leaders seeing it as essential for personalizing experiences, optimizing campaigns, and driving growth. However, our research reveals they are not rushing in blindly. They recognize the ethical considerations of Gen AI and believe regulation is needed to ensure its responsible implementation – a sentiment stronger in C&R than in any other industry surveyed.

Isabelle Allen

Global Head of Consumer and Retail

KPMG International

Methodology

The 10th edition of the KPMG CEO Outlook, conducted with 1,325 CEOs between 25 July and 29 August 2024, provides unique insight into the mindset, strategies and planning tactics of CEOs. All respondents have annual revenues over US$500M and one-third of the companies surveyed have more than US$10B in annual revenue. The survey included leaders from 11 markets (Australia, Canada, China, France, Germany, India, Italy, Japan, Spain, UK and US) and 11 key industry sectors (asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology, and telecommunications). NOTE: Some figures may not add up to 100 percent due to rounding. This subsection of the global report drills down into the sentiments and experiences of 120 consumer and retail CEOs and identifies the issues that concern them most. We hope it will help you to benchmark your own performance and understand how the sector is likely to navigate the next three years.