N.A. Chems & Pkg "Consumer Monthly Check-up" Spector

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N.A. Chems & Pkg "Consumer Monthly Check-up" Spector

Global Research

28 May 2026ab

N.A. Chems & Pkg Equities

North AmericaConsumer Monthly Check-up

Chemicals, Commodity

Joshua Spector, CFA

This report analyzes near term trends for the consumer-exposed companies in our Analyst

coverage. We look at numerous sources for consumer spending data, including joshua.spector@ubs.com

macroeconomic indicators, Nielsen data, consensus estimates and Placer AI data. The +1-212-713 6188

report covers our Food ingredients coverage (IFF, INGR) and our packaging coverage (OI, Anojja Shah

BALL, CCK, AMBP, SLGN, GPK, SON and AVY). It can also be used more broadly as a read Analyst

on consumer spending (~1/4 of overall chems demand). anojja.shah@ubs.com

+1-312-525 4310

Our Take: Gaurav Sharma

Associate Analyst Macro conditions are deteriorating, with weakening consumer demand in both

gaurav-l.sharma@ubs.com

the U.S. and Europe driven by falling sentiment, elevated fuel costs, and +1-212-713 4312

geopolitical uncertainty. Beverage can volumes have sharply declined in 2Q26,

with broad-based weakness across categories, while food volumes have also Lucas Beaumont

Analyst turned negative, signaling worsening demand momentum. In contrast, home &

lucas.beaumont@ubs.com

personal care demand remains relatively resilient, and grocery traffic has been +1-212-713 4809

steadier than restaurant visits. Despite these weak fundamentals, 2026 consensus

growth expectations have modestly improved. Christopher Perrella

Analyst

The data is broadly negative for the beverage can manufacturers (BALL, CCK, christopher.perrella@ubs.com

AMBP), with U.S and Europe data tracking worse sequentially in the quarter. Glass +1-212-713 1443