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We're pleased to have recently hosted the 8th annual #TDCowen Future of the Consumer Conference. Highlights included how brands and retailers can offer unique value to customers, integrating physical and digital, and new models for customer engagement. Hear from our analysts about their expectations across the consumer sector for the remainder of the year. #TDCowenConsumer

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I think the consensus view on the street right now, both buy and sell side, is that caution towards low-income consumer, we've seen valuations of a lot of companies that cater to lower-income consumers really contract over the last six months or so. And we've seen more volatile results out of those companies as well, but I think a lot of that is very consensus viewpoint, so to speak, and maybe things won't be as bad for the low-income consumer as we get into the back-half of the year. There are some small stimulus measures in place, so we're watching that lower-income consumer, where consensus is awfully cautious. Quick service environment is really picking up the focus on value, with intense side push on discounting and other promotions, to really emphasize value and affordability to their customers. We're really excited about beauty, and global beauty growth. There's a lot of innovation happening in cosmetics, skincare, haircare, also fragrances. So, retailers, top brands, and brands that can execute very quickly, they'll all win, and they'll continue to win in this very vibrant beauty and wellness market. In May, we published an Ahead of the Curve on restaurant automation. We were particularly excited about voice AI at the drive-through, and we still continue to believe there's a 12 to 18 month tipping point the industry will arrive at, where this becomes mainstream. What I'm really interested in is to see which of these CPG companies have the brands that can withstand a weaker consumer environment. Consumer staples sales trends have decelerated from high single digit down to low single digit or worse, and I think the strong can survive that kind of a deceleration. We also think longer term automated kitchen equipment and restaurant robotics is something to keep an eye on. We believe that more efficient operations in the kitchen, as well as a reduced reliance on labor, is another industry theme that we'll be watching for. I think when you look at some of these emerging brands, whether it's in apparel or footwear, they are gaining massive share, they have tremendous unit economics, their gross margins are inflecting, their newness and innovation are inflecting. The average selling prices in AURs are driving really strong unit economics, and they're driving share loss among a lot of the large cap legacy-based peers in soft lines retail. So, we're most excited about a lot of the SMID cap growth stories in our sector.

TD Securities

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Featured Analysts: John Kernan, CFA, Andrew Charles, CFA, Oliver Chen, CFA, Robert Moskow

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TD Securities’ Post

TD Cowen Future of the Consumer Conference Takeaways

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TD Securities’ Post

TD Cowen Future of the Consumer Conference Takeaways

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