WEBVTT

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Stéphane, welcome.

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Let's shine the spotlight on Europe.

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What are some of the major trends that
you're seeing there right now?

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Well, actually,
we just released our 2025 EU Consumer

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Sentiment Report this week,
so let me share some of the learnings.

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First, 54% of EU consumers are pessimistic about

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their national economy.

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It's a pity,
but it's a reality and we need to face it.

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And they're actually adapting their spend
behaviors pretty quickly.

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They're protecting some categories,
namely groceries, housing, beauty product,

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health care products,
but they're also very cautious about

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their spend on some others such as alcohol,

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restaurants. Online is on the rise,
which is very interesting,

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up to levels that are close to COVID period.

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But also there are some national nuances,
which are interesting.

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For example,
French consumers are loving big brands

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more than ever,
and they are trusting brands for the

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quality of the products.
They're ready to spend for it.

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So that's another interesting opportunity.
And more than ever,

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innovation remains paramount elements if
you want to get value of the market,

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not only stimulating the demand but also
fighting for price pressure.

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You mentioned the word trust.

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Is that a strong currency, I guess,
in this very fast-changing innovative

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environment?

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Yes, especially,
I mean especially when you think about

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green, for example.
Consumer actually more and more demanding

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green products,
which may be a surprising current context,

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but 5% more consumers are looking for
green products, but at the same times,

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they're not ready to spend more for green products.

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So you need to adapt,
and if manufacturers want to protect

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margins as well as retailers,
they need to be even more innovative,

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which means not just come with a green
offering, but bring more to the consumers,

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which requires to go deeper into consumer
understanding, cracking the unmet needs.

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And at the same times, I would say,
leverage the full power of new technologies.

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And I'm thinking here, for example,
biotechnologies,

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which are highly relevant in the food
industry, on the beauty industry.

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And that can really be an unlock to break
the historical tradeoff for performance.

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Thank you so much.