Consumer Sector Update: AB InBev and Retail Analysis

This Goldman Sachs consumer update highlights a positive pivot in sentiment for AB InBev (ABI) based on volume recovery, while expressing caution regarding US grocery margins for Ahold Delhaize and upcoming earnings for Kingfisher.

Key Takeaways

• 1.Sentiment towards AB InBev (ABI) has inflected positively following Q1 results, driven by sustainable volume recovery and market share gains in 75% of its markets.
• 2.Retailers like Ahold Delhaize (AD) and Walmart are noting increasing signs of US consumer stress, including rationing and price competition.
• 3.Richemont outperformed expectations in its Jewellery Maisons segment, showing resilience despite macro headwinds in luxury.

Table of Contents

• ABI - Banging the drum
• Retail & Digital
• Luxury, Brands & Sportswear
• Staples
• GS Upcoming Events

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