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1、November30,2012GSSUSTAINEquityResearchGlobalConsumer:Anallconsumingsearchforgrowth&consolidationSecularshiftsre-shapingglobalconsumer...andgrowth/consolidationprovideapathlandscape;siftingwinners&losersThestructuralcharacteristicsthatsupportreturnsGSSUSTAINTheGSSUSTAINinvestmentprocessisaim
2、edatidentifyingTheglobalconsumerlandscapecontinuestooncapitaldifferbysegment,butbroadlyincludeindustryleadersacrossallsectorsandgeographiesthatcandeliverlong-term,long-onlyperformancewithalowreshapeandrealigninthefaceofsomepowerfulmarketconsolidation,marketshareleadershipandturnoverofideas.
3、Thesecompaniesareforecasttogenerateseculartrends:developedmarketconsumersvalueadd,alongsideexposuretothesegmentssector-leadingreturnsoncapitalandarestructurallywellpositionedtocapitalizeonthelong-termtrendsshapingadjustingtothenewnormalofconstrainedandconsumersofferinggrowth.Inthisreport,we
4、theirindustriesthroughexposuretosuperiorgrowthandstrongercompetitiveadvantage.Theyalsoscorewellonourdiscretionaryhouseholdbudgets,theevolutionofcombineouranalysisofconsumptiontrendsbyanalysisofenvironmental,socialandgovernancerisks.emergingmarketconsumption,andthegeographyandcategorywithana
5、lysesofc.200Thecompaniesscreeningstrongestonouranalysisareembracingofonlinebyglobalconsumers.companiestoidentifylong-termindustryleaders.includedontheGSSUSTAINFocusList.RELATEDRESEARCHGSSUSTAIN:Onlineopportunityorobsolescence:FramingHighand/orrisingreturnspointtheway…11consumercompaniesstan
6、douttheonlinerisksandretailerresponses,November12,2012Apparel:WalkingdifferentroutestoaddressglobalclothingConstantsamongthiscontinualconsumerchangeSeveralsweetspotsemergefromourdetailedin2020,November8,2012arethebenefitsofhigh(and/or)expandinganalysesoftrends,returns,marketdynamicsandMappi
7、ngoutthewinningwaysofwellness,November20,2012returnsoncapital,whichcorrelatestronglywithcompanypositions:(1)Pocketsofprovenance:Foodto2020andbeyond,October23,2012Beerbifurcation–separatingthefizzfromtheflat,Octobertotalshareholderreturnoutperformance.Ric
