E70: Consumer – From a Want to a Need
KEY TAKEAWAYS
- The American consumer has remained surprisingly strong, largely due to a healthy job market. While consumers express nervousness about inflation, their spending habits have not faltered.
- Retailers are currently adopting AI primarily to improve operational efficiency in areas like supply chain and pricing. However, the long-term vision is "agentic commerce" where AI predicts and automates purchases.
- Specific market shifts are creating new purchasing drivers. A key example is the rise of GLP-1 weight-loss drugs, which is seen as a major tailwind for the apparel industry. As people change sizes, buying new clothing becomes a necessity, shifting it from a discretionary want to a need.
Anne Malone, Citi's North America Head of Equity Research, is joined by Paul Lejuez, U.S. Head of Consumer Research, to discuss the retail sector and what may lie ahead. Topics range from what to watch in assessing consumer resilience to how retailers could be reshaped by AI and increased uptake of GLP-1s.
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Ann Malone, North America Head of Equity Research
Anne Malone was named Head of North America and Latin America Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a CFA Charterholder.
Paul Lejuez, Retailing Head of Americas Consumer Research
Paul Lejuez is a Managing Director at Citi Research covering Department Stores & Specialty Softlines, Broadlines and Food Retailing sectors. Prior to joining Citi in 2015, Paul worked at Wells Fargo for 2+ years, Nomura Securities for ~3 years and Credit Suisse for 10+ years, always covering the retail sector. He began his career at Ernst & Young LLC.
