Global Retail Global Consumer and Retail Conference 2026 — Day 2 Takeaways

Equity Research 16 September 2026 | 6:09AM EDT

Global Consumer and Retail Conference 2026 — Day 2 Takeaways

Kate McShane, CFA | Goldman Sachs & Co. LLC

Brooke Roach, CFA | Goldman Sachs & Co. LLC Day 2 of our 33rd Annual Global Consumer and Retail Conference echoed the Lizzie Dove common refrain we heard on Day 1 of the Conference around consumer resilience | Goldman Sachs & Co. LLC balanced by heightened discernment. In today’s macro environment following two years of mounting cost pressures on consumer wallets and businesses alike, Jon Keypour | companies are addressing the building uncertainty head-on, courting revenue Goldman Sachs & Co. LLC

through value-add growth initiatives and actively protecting margins. Below, we Mark Jordan, CFA | elaborate on additional themes from our Retail Conference in addition to those Goldman Sachs & Co. LLC highlighted from Day 1. Leah Jordan, CFA | Consistent message on the resilience of the consumer: Presenters were consistent Goldman Sachs & Co. LLC

in describing demand as stable as we moved through the summer and into the Stephen Laszczyk | back-to-school season. Several explicitly noted no material change in consumer Goldman Sachs & Co. LLC behavior (WH, BOOT, URBN, WMT, HD), while others also pointed to wallet-share Charles Perron-Piche, CFA shift (particularly in terms of travel), helping to drive solid trends (VAC). | charles.perron- Goldman Sachs & Co. LLC Cautious lower-income consumer/closely watching gas prices: Lower-income consumers are adopting cautious, intentional spending habits, seeking value (WMT), staying closer to home to save on fuel, and resorting to smaller baskets more frequently to minimize outlays (DG). Where they can, lower-income consumers are delaying purchases, buying closer to immediate need, extending replenishment, waiting out major promotional events, or trading down to lower-cost alternatives (ASO, DRVN). That said, companies with exposure to middle income cohorts also were somewhat guarded on the potential headwind to consumer demand from gasoline should current rates continue.

Social commerce, marketing, and idiosyncratic initiatives a focus: Companies are rising to the occasion in the face of uncertainty and mounting cost pressure, pursuing individual initiatives to address consumer needs. Channel and platform initiatives around social commerce, online consumer reach, and/or agentic commerce differentiate on service, assortment, price, and experience (ASO, WMT, SN, CPRI). Expanding reach through store expansions bring new customers into the fold (GRGD,

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BOOT, ASO). Marketing investments and new forms of outreach alongside innovation remains a driver (BURL, WRBY, VSXY, FIVE).

US consumer a source of relative strength: Commentary regarding the resilience of the US consumer was notable in comparison to the demarcation vs. the rest of the world. Europe was consistently called out as a laggard for both sales and promotions (CPRI, UAA, PVH). Mexico was highlighted as a pressure point (WH, H). Canada commentary was mixed with pressure noted by GRGD while SVV pointed to some relative stability.

Margin protection through pricing, mix, and cost discipline: Instability and opacity around future oil, commodity, and freight prices elicited a cautious tone across management teams on the forward costing environment. Most have learned from the last few years of input cost inflation, and are prepared to wield a toolkit of offsets should these pressures persist, chiefly pricing and mix (GRGD, M, SITE, SN) and cost discipline (BOOT, M, UNFI). Companies consistently highlighted controlling the controllables and creating internal offsets as a focal point.