Oct. 21, 2025
By Simon Nolan
Chairs and NEDs from across the Consumer Markets sector join Norman Broadbent and KPMG for a forward-looking discussion on leadership through volatility.
Last week, Norman Broadbent and KPMG hosted a private roundtable breakfast at the Brasserie of Light, welcoming a select group of Chairs and Non-Executive Directors from across the Consumer Markets sector.
Held under Chatham House rules, the conversation themed - “Trump, Turbulence and the New Global Order” - offered a rare opportunity for senior leaders to reflect on how their boards are navigating an era of geopolitical uncertainty, market disruption, and shifting consumer priorities.
Opening the session, Linda Ellett of KPMG shared findings from the firm’s latest Consumer Sentiment Survey, providing a snapshot of how confidence and spending behaviour are evolving across grocery, home furnishings, hospitality, and leisure. Against that backdrop, discussion turned to the wider question: how are consumer businesses adapting strategy and governance in response to such rapid and interconnected change?
Now nearly a year on from Donald Trump’s re-election, attendees considered the implications of his administration’s policy agenda - from tariffs and trade realignment to the wider ripple effects across ESG and EDI frameworks. For many, this renewed period of protectionism and global tension has prompted a reappraisal of resilience: not only in supply chains, but in workforce planning, capital deployment, and reputation management.
The dialogue expanded into several interconnected themes shaping boardroom priorities today:
- Evolving consumer behaviour – The rise of GLP-1 medications as a potential disruptor to established consumption habits, particularly in food and beverage categories. Participants explored how this could reshape product innovation, marketing, and wellness strategies, alongside broader trends in how consumers define value and convenience.
- AI and the personalisation of experience – The accelerating integration of AI across retail and consumer touchpoints, from data-driven curation and predictive analytics to the ethical considerations of automation. For boards, this presents both opportunity and oversight challenges ensuring innovation is balanced with governance, privacy, and brand trust.
- Economic and fiscal headwinds – The impact of rising National Insurance Contributions (NICs) and inflationary pressures continues to weigh heavily on UK consumer businesses, as we explored the balance between cost containment and investment in people, technology, and customer experience as key levers of long-term resilience.
- Demographic and cultural shifts – The changing expectations of consumers, whose purchasing decisions are increasingly influenced by authenticity, sustainability, and inclusivity. Boards are reassessing how to sustain relevance and loyalty across generations while responding to societal scrutiny in real time.
Across these discussions, a shared recognition emerged: ‘black swan’ events are no longer anomalies. Boards must now lead with agility and foresight, embedding scenario planning, purpose-led strategy, and transparent stakeholder engagement at the heart of decision-making.
Bringing together perspectives from FTSE 100, AIM-listed, and private equity-backed businesses, the breakfast reinforced the value of cross-sector dialogue in helping leaders benchmark thinking and prepare for what lies ahead. The ability to interpret turbulence, rather than merely react to it, has become a defining leadership skill of our time.