Eighty-two percent of global CEOs in retail sectors are confident in their company’s growth prospects, but only 59% are optimistic about the overall worldwide economy. That’s according to KPMG’s 2024 “Consumer and Retail CEO Outlook” (PDF) released in December 2024.
The report summarizes the results of a KPMG survey of 1,325 CEOs between July 25 and August 29, 2024, across 11 key global markets and industries. All participants represented organizations with annual revenue exceeding $500 million, with one-third reporting revenue over $10 billion.
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According to the study, the leading challenges for retail CEOs in 2024 are economic uncertainty (58%), geopolitical complexities (53%), and generative AI integration (48%).
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In addition, when asked about the trends that could hinder their organizations’ prosperity over the next three years, 81% of retail CEOs identified the cost of living, followed by cyber crime at 79% and trade regulation at 74%.
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Moreover, 35% of surveyed CEOs ranked organic tactics as their top growth strategy. Twenty-seven percent identified mergers and acquisitions.