Thematic Investing: Conscious Consumer: Navigating cyclical pressures

Research evidence excerpt

Thematic Investing: Conscious Consumer: Navigating cyclical pressures

Equity Research

Thematic Investing

26 May 2026

Conscious Consumer: Navigating

cyclical pressures

With the Cost-conscious consumer in focus, we use our

proprietary Global Consumer Survey to identify opportunities Amy Lian

and risks, highlighting a more nuanced picture. While down- +44 (0)20 3134 0179 amy.lian@barclays.com

trading and cut-back risks are clear, we see opportunities for Barclays, UK

resilience within health & wellness and values-led choices. Hiral Patel

+44 (0)20 3134 1618

hiral.patel@barclays.com

Barclays, UK

Katherine Ogundiya

+44 (0)20 3134 1391

katherine.a.ogundiya@barclays.com

THE 2026 EXTEL SURVEY IS NOW OPEN Barclays, UK

Support our industry- Laia+ 44 (0)20Marin3134i Sola,2531CFA

leading analysts with 5-Star laia.marin@barclays.comBarclays, UK

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Siddharth Gupta

Since launching on the Conscious Consumer theme, attention on the Cost-conscious sub- +91 22 6175 2540

siddharth.gupta1@barclays.com theme has risen sharply. While our long-term structural views remain, we recognise the

cyclical pressures on near-term demand. Using data from our Global Consumer Survey, we

analyse how financially cautious consumers are reallocating their spending across our 9 sub-

themes (Figure 1).

The data reveals clear trade-down dynamics but also meaningful dispersion, such as

resilience in Nutrition & gut health and Faith-based consumption but risks in Clinical beauty

and Fitness economy.