RBC Imagine™: European consumer staples

研报英文原文证据摘录

RBC Imagine™: European consumer staples

entres.

With their bigger budgets, extensive data and management commitment, the gap between the industry

leaders and the rest in this technology race is likely to widen further. In the next tier, Diageo (Outperform,

PT £20) and Reckitt (Sector Perform, PT £62) have both acknowledged meaningful shortcomings in

their digital backbones, though their trajectories differ. Diageo's level of digitalisation strikingly lags

peers'; that's chastening, but the opportunity is correspondingly significant. We expect to hear more on

6 August. For Reckitt, the wheel has already started to turn - especially within its supply chain functions

- under its Fuel for Growth programme. We see further opportunities as the company further adopts

digitalisation in customer-facing functions.

This is not an exhaustive 'everything we know about technology' note. Rather, we try to shine a light on

elements of technology where we think some companies are opening up a competitive advantage, and

consider how it can support their long-term performance.

We would welcome your thoughts.

Exhibit 1 - Imagine: AB InBev, L'Oréal and Nestlé well-placed in the Consumer Staples sector heatmap

Key trends Considerations AB InBev L’Oréal Nestlé

Premiumisation & affordability x x

Stratified Society Health, obesity and longevity x x

AI-driven productivity gaps x x x

Synthetic content x x

Synthetic Everything

Product and supply chain innovation x x x

Global platform but regional content x x x

The Rise of the 8th

Growing digital sales channel x x x

Continent

Source of data x x x

Local production x x

Shifting Superpowers

Local data sovereignty x x x

The COVID experience x x x

Crisis Capitalism

Climate change

Source: RBC Capital Markets