pwc 17th annual global ceo survey retail consumer goods key findings
TRANSCRIPT
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F i t f o r t h e f u t u r e
17t h An n u a l G l oba l CEO Su r veyKey findings in the retail and consumer goodsindustry
www.pwc.com/ceosurvey
February 2014
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Con ten t s
Page
Sector snapshot 3
Confidence in growth 6
The global re-balancing act 11
Transforming business 16
About PwCs 17th Annual Global CEO Survey 26
Contacts
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Sect o r sn ap sh o t
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Sect o r sn ap sh o t
Technology has the potential totransform retail and consumergoods businesses
Eighty percent of retail CEOs said thattechnological advances is the globaltrend that will transform theirbusinesses most over the next five
years. As for consumer goods CEOs,67% said the same. On the other sideof the coin, just 34% of consumergoods CEOs and 38% of retail CEOssee the speed of technological changeas a concern, compared to 47% ofCEOs overall.
Why is technological change viewed assuch a positive by these CEOs, giventhe daunting investment it takes todevelop and deploy the latest
enterprise-wide and consumertechnologies?
Perhaps because it makes the worldsmaller and potentially puts productsin the hands of millions of additionalconsumers. Take online shopping. Inthis year's PwC Total Retail survey ofglobal consumers, 41% of global
shoppers bought products usingtablets, compared to 28% in 2012, and43% of respondents purchasedproducts through smartphones,compared to 30% in 2012.
For retail andconsumer goods
CEOs, technologyis a conduit to newconsumers
Thats tech-savvy customers usingtechnology to improve and expandtheir buying experience a boon forconsumer goods companies and
their retail partners.
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Sect o r sn ap sh o t
Into Africa
Africa has some of the fastest-growingeconomies in the world, andconsumer goods CEOs, in particular,have taken notice. Eighteen percent ofconsumer goods CEOs planning ajoint venture or strategic alliance are
looking to Africa, while 12% of retailCEOs planning a deal are lookingthere, compared to 9% of CEOsoverall.
Reaching consumers is one thing understanding their shoppinghabits is another
Sixty-four percent of retail CEOs saidthey were concerned about shifts inconsumer behavior, with 28% sayingthey were extremely concerned.
One potential shift: Are consumersshopping with fewer retailers? Whenwe asked our Total Retail shoppers totell us how many retailers in a givengroup theyd shopped with in the last12 months, 15% of our global sampleresponded that they had shopped withjust one an increase of 7% from2012. That same trend held in the 2
to 5 favorite retailers range.
When it comes to businessthreats, high, volatile rawmaterials prices stand out
High, volatile raw materials pricesround out the top five concerns forboth retail and consumer goods CEOs.
Most believe theyll need to makechanges to their supply chains inresponse to global trends. On apositive note, consumer goods CEOsbelieve their procurement andsourcing departments are wellprepared to make those changes.Consumer goods
CEOs planning a
deal who arelooking to Africa
24%
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Con f i d en ce i n g r ow t h
GDP is too blunt an instrument: youhave to drill down and see what is andwhat is not driving that GDP.
Jan Joh an sson , CEO , Svenska
Cel l u l o sa A B (SCA)
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V i ew s o n t h e eco n om y a r e l o o k i n g u p
Retail and consumer goods CEOs are moreoptimistic than last year. Thirty-eight percentof them believe that the global economy willimprove in the next 12 months, compared tojust 17% last year.
And while a third expected to see the
economic situation worsen last year, this yearonly 9% are anticipating a global decline.
Many consumer goods CEOs areworriedabout continued slow or negative growth indeveloped markets (67%). Its higher on theirlist of concerns than a slowdown in growthmarkets (58%). And while retail CEOs arent
quite as concerned, the same gap applies.
38
17
9
24
2014
2013
Improve
Decline
%
Base: All respondents 2014 (Retail and consumer goods, 344)
2013 (Retail and consumer goods, 283)
Note: Stay the same and Dont know/refused not shown.
Source: PwC 16th Annual Global CEO Survey 2013Source: PwC 17th Annual Global CEO Survey 2014
Q: Do you believe the global economy wi ll improve, stay the
same, or decline over the next 12 months?
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Ret a i l an d consu m er goods CEOs a r e con cer n ed
abou t m an y o f t h e sam e i ssu es
58
58
60
67
67
70
70
71
74
74
Protectionist tendencies of
national governments
Lack of stability in capital markets
Shift in consumer spending and
behaviours
High or volatile energy costs
Continued slow or negative growth
in developed economies
Increasing tax burden
Government response to fiscal
deficit and debt burden
Exchange rate volatility
High and volatile raw materials
prices
Over-regulation
Consumer
56
57
58
63
64
64
68
69
74
76
Slowdown in high-growth markets
High or volatile energy costs
Availability of key skills
Continued slow or negative growth
in developed economies
Shift in consumer spending and
behaviours
Exchange rate volatility
High and volatile raw materials
prices
Over-regulation
Government response to fiscal
deficit and debt burden
Increasing tax burden
Retail%
Q: How concerned are you, if at all, about each of the following threats to
your growth prospects? Top ten choices listed
Base: All respondents (Total sample, 1344; Consumer goods, 199; Retail, 145)
Note: Respondents who stated extremely or somewhat concerned.
Source: PwC 17th Annual Global CEO Survey 2014
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43%
45%
19%
23%
Slowdown
in high-
growth
markets
M a t u r e m a r k et s a r e a g r ea t er ca u se f o r co n cer n
Ret a i l a n d co n s um er
goods CEOs a r e m o r e
m o r e w o r r i ed a b ou t
sl u g g i sh g r ow t h i n
devel op ed econom ies
t h a n a b ou t a sl o w d ow ni n h i g h -g r o w t h
m a r ke t s t h a t d i f f er s
f r om t h e o v er a l l
sam p le , w he r e CEOs
w o r r y n ea r l y eq u a l l y
a b o u t b o t h .47%
43%
9%
15%
Somewhat concerned Extremely concerned
Slow or
negative
growth in the
developedeconomies
Base: All respondents (Total sample, 1344; Consumer goods, 199; Retail, 145)
Source: PwC 17thAnnual Global CEO Survey
Q: How concerned are you, if at all, about each of t he following threats to your
growth prospects?
Consumer goods
Retail
Retail
Consumer goods
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W o r r i es a b ou t r a w m a t er i a l s p r i ces a r e l oom i n g
High and volatile raw materials prices are an issue
Nearly three-quarters of consumer goods CEOs and almostas many retail CEOs say they are somewhat or extremelyconcerned that a rise in those raw materials prices couldslow down growth. Thats far more than the total number
of CEOs in the sample who worry about the same thing.
More than two-thirds of consumer goods CEOs worryabout high or volatile energy costs too, although just 57%of retail CEOs say they are concerned.
Last year, 72% of consumer goods CEOs and 52% of retailCEOs were concerned about energy and raw material costs.
Consumergoods
74%
Retail
68%
Overall sample
55%
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The g l o ba l r e-b a l a n ci n g a ct
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Ret a i l a n d con su m er g ood s CEOs a r e expan d i n g i n
g r ow t h m a r k et s a n d d ev el o p ed m a r k et s a l i k e
Retail CEOs planning deals are
looking most often at WesternEurope
26%
W est er n Eu r o p e st i l l
h o l d i n g o n
Around a quarter of retailCEOs planningtransactions have their
eyes on Western Europe,making it their top dealdestination. That numberdrops to 21% for consumergoods CEOs.
No r t h Am er i ca a n d
Sou t h -E a st A si a r a n k
h i g h t o o
For consumer goods CEOs,Western Europe ties with
North America and South-East Asia as the mostimportant deal region,(21% each), followedclosely by Africa, with 18%.
Consumer goods CEOsexpecting transactions rateAfrica #4
18%
Retail and consumer goodsCEOs who rate China as onetheir top growth markets
34%
Ch i na i s t he st r o ng est
g r o w t h m a r k et ov er
t h e nex t 12 m on t h s
More than a third ofconsumer goods CEOs and
around a quarter of retailCEOs rank it in their topthree growth markets. Butfor both sectors, the USA isnext on the list.
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Ret a i l a n d con su m er goods CEOs ha ve a l o n g l i st
o f g r ow t h m a r k et s b ey o n d t h e BR I CS
The BRICS are important to retail andconsumer goods companies, but so are awhole host of other countries, fromtraditional consumer powerhouses likethe USA, Germany and the UK to a widerange of growth markets in Asia, Africa,and Latin America.
2
2
3
3
3
3
3
4
9
6
8
14
8
21
6
6
6
6
7
7
8
8
8
9
10
12
13
25
Thailand
Turkey
Korea
Nigeria
Vietnam
Colombia
Canada
Japan
UK
Other Africa
Mexico
Germany
Indonesia
USA
Consumergoods
Retail
Base: All respondents (Total sample, 1344 ; Consumer goods, 199; Retail, 145)
Source: PwC 17th Annual Global CEO Survey 2014
All countries with more than 5% from retail or consumer CEOs listed. Other Africa included
responses naming Zimbabwe, Morocco, Ethiopia, Uganda, Kenya, Zambia and Egypt.
Source: PwC 17th Annual Global CEO Survey 2014
Q: Thinking specifically about high gro wth markets beyond
the BRICs, which three markets excluding Brazil, Russia,
India, China and South Africa do you consi der most important
for your g rowth prosp ects over the next 3 to 5 years?
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%
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Cost r ed u ct i o n i s t h e t o p t y p e o f r est r u c t u r i n g , a n d
ou t so u r ci n g st i l l b ea t s o u t i n so u r ci n g
6
8
12
18
19
29
39
58
8
12
17
18
19
23
32
65
End an existing strategic alliance or jointventure
Sell majority interest in a business or exited asignificant market
Insource a previously outsourced businessprocess or function
Complete a cross-border M&A
Complete a domestic M&A
Outsource a business process or function
Enter into a new strategic alliance or jointventure
Implement a cost-reduction initiative
Consumergoods
Retail
Q: Which, if any, of the follow ing
restructuring activities do you plan
to initiate in the coming tw elve
months?
Base: All respondents (Retail, 145; Consumer goods,199)
Source: PwC 17th Annual Global CEO Survey 2014
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On l y a r o u n d a q u a r t er o f co n sum er g o o d s CEOs
a r e a l r ea d y ch a n g i n g t h ei r d ea l st r a t eg i es
Most retail andconsumer goods CEOssee a need to changetheir strategies aroundM&A, joint ventures, or
strategic alliances, butrelatively few havegotten started. Just 24%of consumer goodsCEOs say a changeprogramme is underway
or completed. Thats stillslightly more than theoverall sample (17%) ortheir retail peers (18%).
16%
12%
21%
18%
21%
21%
18%
24%
Recognise need to change
Developing strategy to change
Concrete plans to implement change programmes
Change programme underway or completed
19%
A c t i o n
Base: All respondents (Total sample, 1344; Consumer goods, 199); Retail, 144)
Source: PwC 17th Annual Global CEO Survey 2014
Consumer
goods
Retail
Q: In order to capitalise on the two-three global trends which you believe will most
transform your business over the five years, to what extent are you currently
making changes, if any, in the fo llowing areas? (M&A, joint ventures or strategic
alliances ).
No need
to change
18%
A s p i r a t i o n
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T r a n sf o r m i n g bu si n ess
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Tech n o l o g i ca l a d v a n ces w i l l t r a n sf o r m r et a i l a n d
con su m er good s bu si n esses t h e m ost
Eighty percent of retail CEOs said thattechnological advances is the global trendthat will most transform their businessesover the next five years,with demographicshifts a distant second.
As for consumer goods CEOs, 67% alsochose technological advances.
34%
51%
59%
55%
80%
43%
59%
61%
57%
67%
Consumer goods Retai l
Technological advances
Demographic shifts
Shift in global economic power
Resource scarcity & climate change
Urbanisation
Q: Which of the followin g global trends do you
believe will transform your bu siness the most over
the next five years? (CEOs ranking #1, #2 or #3)
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Reta i l CEOs see ch an ges ah ead i n m ost a r eas , w i t h
t ech n o l o g y i n v estm en t s t o p p i n g t h e l i st
Q: To what extent are you currently making changes, if any, in the following areas?
Base: All respondents (Retail, 145)
Note: Dont know/refused not shown.
Source: PwC 17th Annual Global CEO Survey 2014
50
29
23
19
19
15
1212
12
10
10
10
8
26
38
39
51
58
56
5457
50
60
51
59
57
21
26
34
26
18
22
3229
35
29
38
29
31
60% 40% 20% 0% 20% 40% 60% 80%
Location of key operations or headquarters
Investment in production capacity
Corporate governance
Approach to managing risk
M&A, joint ventures or strategic alliances
R&D and innovation capacity
Supply chainChannels to market
Organisational structure/design
Use and management of data and data analytics
Customer growth and retention strategies
Talent strategies
Technology investments
No need to change Recognise need/developing strategy/concrete plans to change Change programme underway or completed
A s p i r a t i o n A c t i o n
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Con su m er goods CEOs a r e r esh ap i n g t h ei r
o r g a n i sa t i o n s; cu st om er s a n d d a t a a r e t o p p r i o r i t i es
Q: To what extent are you currently making changes, if any, in the fol lowing areas?
Base: All respondents (Consumer goods, 199)
Note: Dont know/refused not shown.
Source: PwC 17th Annual Global CEO Survey 2014
44
23
18
15
14
14
12
11
11
9
9
7
6
35
44
51
50
45
60
57
49
55
55
53
52
57
20
32
24
34
38
25
30
39
33
35
37
41
36
60% 40% 20% 0% 20% 40% 60% 80%
Location of key operations or headquarters
Corporate governance
M&A, joint ventures or strategic alliances
Supply chain
Investment in production capacity
Approach to managing risk
Channels to marketOrganisational structure/design
R&D and innovation capacity
Technology investments
Talent strategies
Customer growth and retention strategies
Use and management of data and data analytics
No need to change Recognise need/developing strategy/concrete plans to change Change programme underway or completed
A s p i r a t i o n A c t i o n
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A s f a st er eco nom i c g r ow t h sh i f t s t o
p l a c es i n A f r i c a , ac r o ss As i a , an d La t i n
Am er i c a , c onsum er g oods comp an i e s
h a v e t o a d a p t w i t h t h e r i g h t p r o d u ct s i n
t h e r i g h t s t o r e s a t t h e r i g h t p r i c es a t t h e
r i g h t t im e t o m eet t h e need s o f n ew
consum er s.
Muhtar Kent, Chairman and Chief ExecutiveOfficer, The Coca-Cola Company
Consu m er g ood s CEOs on t r a n sf o r m a t i v e t r en d s
It is a fact that consumer behaviourand spending patterns havechanged. It is paramount forretailers to take heed of consumerschanging behaviours and identifyways to meet their needs.
CHEN Long, Chairman, China
Resources Enterprise, Limited
The cost s fo r acqu i r i n g I CT
a n d i n f o rm a t i o n h a v e fa l l en
t o i n c r ed i b l y l ow l eve l s an d
w hoev er t a k es ad v an t a g e o f
i n f or m a t i o n i n n o va t i o n w i l l
w i n i n t h e ma r k et p l a ce.
Shigetaka Komori, Chairman andChief Executive Officer, FUJIFILMHoldings Corporation
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Ret a i l com pan i es m ay n eed t o ca t c h u p t o
co n sum er g o o d s com pan i es o n i n n o v a t i o n
Consumer goods CEOs in particular are placing their bets onproduct and service innovation 40% see it as their main routeto growth. For retail CEOs it comes in second, with 30% rating ittheir main opportunity to grow their business (after increasedshare in existing markets).
Retail and consumer goods CEOs are relatively confident in theirability to keep up with a changing world. Just 34% of consumergoods CEOs and 38% of retail CEOs are concerned about thespeed of technological change fewer than across the overallsample (47%).
Consumer goods CEOs are also somewhat more likely to believethat their R&D department is ready to cope. Thirty-five percent
say its well prepared, compared to 28% overall and 19% of retailCEOs.
In other research, weve foundthat the most successful CEOsare doing three things toindustrialise innovation i.e.,to make it repeatable,
dependable and scalable.Theyre focusing onbreakthrough innovation in allits forms; putting disciplinedinnovation techniques in place;and collaborating much moreactively.
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Po i sed t o ch an ge t a l en t s t r a t eg i es
Retail and consumer goodsCEOs agree theyll need tochange their talentstrategies to cope withfuture trends likedemographic changes andurbanisation.
Only a minority are alreadydoing so, althoughconsumer goods companiesare slightly ahead ofretailers in this area.
12%
11%
23%
18%
23%
25%
29%
37%
Recognise need to change
Developing strategy to change
Concrete plans to implement change programmes
Change programme underway or completed
10 %
A c t i o n
Base: All respondents (Consumer goods, 199; Retail, 145)
Source: PwC 17th Annual Global CEO Survey 2014
Consumer
goods
Retail
Q: In order to capitalise on the two-three global trends which you believe will most
transform your business over the five years, to w hat extent are you currently
making changes, if any, in the following areas? (talent strategies ).
No need
to change
9%
A s p i r a t i o n
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Bu t t h er e i s w o r k t o d o t o g et r ea d y
Less than 40% of retail andconsumer goods CEOs think theirHR departments are well preparedto execute on plans to capitalise ontransformative global trends.
Consum er goods
37%
Base: All respondents (Consumer goods, 199; Retail, 145)
Source: PwC 17th Annual Global CEO Survey 2014
Well prepared
Somewhat prepared, notprepared, dont know or
refused
Re t a i l
35%
Q: Thinking about the changes you are making to capitalise on transformativeglobal trends, to what degree are the following areas of your organization
prepared to make these changes? HR
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T r a n sf or m a t i o n a l so m ea n s i m p r o v i n g su p p l y
cha i n s
Around half of both retailand consumer goods CEOsworry that supply chaindisruption could threatengrowth.
What are they doing aboutit? Most see a need to makechanges to their supplychains, and around a thirdhave already gotten started.
9%
8%
21%
18%
23%
24%
32%
34%
Recognise need to change
Developing strategy to change
Concrete plans to implement change programmes
Change programme underway or completed
12%
A c t i o n
Base: All respondents (Consumer goods, 199 ; Retail, 145)
Source: PwC 17th Annual Global CEO Survey 2014
Consumer
goods
Retail
Q: In order to capitalise on the two-three global trends which you believe will most
transform your business over the five years, to what extent are you currently
making changes, if any, in the following areas? (supply chain).
No need
to change
15%
A s p i r a t i o n
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An d r et a i l a n d con su m er goods CEOs a r e
a l r ea d y g et t i n g p r ep a r ed
Only a tiny minority of retail andconsumer goods CEOs think theirprocurement and sourcingfunctions arent prepared at all tocope with transformative change.
Consumer goods CEOs inparticular are more confidenttheyre ahead of the curve in thisarea 45% say their departmentsare well prepared, compared to33% overall and 40% of their retailpeers.
Consum er goods
45%
Base: All respondents (Consumer goods, 199; Retail, 145)goods,
Source: PwC 17th Annual Global CEO Survey 2014
Well prepared
Somewhat prepared, notprepared, dont know orrefused
Re t a i l
40%
Q: Thinking about t he changes you are making to capitaliseon transformative global trends, to what degree are the
following areas of your organisation prepared to make these
changes? Procurement and sourc ing
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Ab ou t Pw Cs 17t hAn n u a l G l ob a l CEO Su r v ey
In Fit for the future: Capitalising on
global trends, we also explore threeforces that business leaders think willtransform their businesses in the nextfive years: technological advances,demographic changes and globaleconomic shifts. We show how thesetrends, and more importantly theinterplay between them, are creatingmany new but challenging
opportunities for growth throughcreating value in totally new ways;developing tomorrows workforce;and serving the new consumers.
We also show how, in responding tothese trends, CEOs have theopportunity to help solve importantsocial problems.
In short, the demands being placed on
business leaders to adapt to thechanging environment are increasingexponentially; CEOs are having tobecome hybrid leaders who cansuccessfully run the business of todaywhile creating the business oftomorrow.
This sector key findings report takes acloser look at responses from retail
and consumer goods CEOs. It is basedon 344 interviews with 145 retailCEOs and 199 consumer goods CEOsin 55 countries. We also cite more in-depth conversations with four sectorCEOs.
Retail and consumer
goods respondents
344In countries across theworld 55
We surveyed 1,344 business leaders
across 68 countries in the last quarterof 2013, and conducted further in-depth interviews with 34 CEOs.
Our overall survey sees a leap in CEOsconfidence in the global economy but caution as to whether this willtranslate into better prospects fortheir own companies. The search forgrowth is getting more and more
complicated, as opportunities in bothdeveloped and emerging economiesbecome more nuanced, leading CEOsto revise the portfolio of overseasmarkets on which theyll focus.
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Con t a ct s a n d a c k n ow l ed gem en t s
Acknowledgements
Our thanks to the following CEOs who are quoted in this document:
Jan Johansson, CEO, Svenska Cellulosa AB (SCA)
Muhtar Kent, Chairman and Chief Executive Officer, The Coca-Cola Company
CHEN Long, Chairman, China Resources Enterprise, Limited
Shigetaka Komori, Chairman and Chief Executive Officer, FUJIFILMHoldings Corporation
J o h n M a x w e l l
Global Retail & Consumer Leader+1 646 471-3728
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27February 201417th Annual Global CEO Survey Key findings in the retail and consumer industry
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8/10/2019 Pwc 17th Annual Global Ceo Survey Retail Consumer Goods Key Findings
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