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The depressed european consumer

Feb 08, 2024

The European consumer is not in good shape. Since the initial recovery after Covid, retail sales volumes are indeed on a downtrend. A combination of factors, from inflation, higher interest rates reducing disposable income to lack of confidence are at play. We remain cautious on consumer discretionary stocks focussed on European markets and focus instead on high quality, internationally exposed, businesses in recovery ( e.g. Adidas ) or bigger luxury companies.

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