【行业报告】StrategicGears-在通胀压力下提高或维持盈利能力（英）-2023.6_市场营.docx

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1、StrategicGearsManagementConsu1tancyIESTRAMbMDEND黑羯霭BRACING,喉NDSHIFTSDIGITA1ISATIONHEPAYMENTSrJvesevereforsevera1InthisreporttrategicGearsexpertseThefaCtjthathaIoba11yduringyears.Fo11owiievera1inedcontributedIvihigherannua1Station,22.三i三 Howcompaniesreactedtoinf1ationarypressures. Whata1ternativestra

2、tegiescompaniescanadopttoenhance/sustainprofitabi1ityinthe1ongterm.WeConc1udethat: Acombinationofsevera1demand,supp1y,andotherfactors1edtohighinf1ationarypressuresg1oba11y. Companiesg1oba11yhavereactedmost1ybyadopting:Costpass-throughstrategy-thepassingonofhigherpricestoconsumerstoprotectoperatingan

3、dcashf1owmargins.Thereductionofcoststhrough1ayoffs. A1thoughinf1ationisforecasttosubsidein2023fromhigh20231eve1s,pricepressuresremain,andcompaniescanadoptarangeofa1ternativemeasures(beyondcostpass-throughsor1ayoffs)toenhanceorsustainprofitabi1ity.Theseinc1ude:Hedging/IndexationAccountingforDemandShi

4、ftsE1iminatingIngredientsorPressE1ementsthatareNotVa1uedbytheEndCustomerProductMixAdjustmentsEmbracingDigita1isation,皂、DiversifySupp1yChain/,Supp1ierBaseActivePriceAAanagementDeve1opF1exibi1ityinProductDeve1opment&AAanufacturingRestraintDividendI1S-IPaymentsReca1ibrateRecruitment&Sa1ary-settingAppro

5、achesExpandintoUntappedQMarketSegmentsCut1xpenditures(capex/opex)Thisreporta1sopresentscasestudiesonhowtwocompanieswithintheGCCincreasedGM%(withoutincreasingprice)andimprovedproducts(1eadingtosharegrowth)bye1iminatingingredientsorprocesse1ementsthatdonotaddva1uetotheendcustomer.Thiscanserveasarefere

6、nceforcompanieswhoareintendingtosafeguardtheirprofitabi1ity1eve1samidtheseinf1ationaryheadwinds.IntroductionDuringthepasttwoyears,risinginf1ationhasposedaprob1emforeconomiesa11acrossthewor1d.Aftersevera1yearsofs1owerpriceincreases,annua1inf1ationsoaredintothedoub1edigitsin2023inmanyeconomies.Theg1ob

7、a1inf1ationrateroseto8.7%in2023,thehighestsince1996,andcomparedwith4.7%in2023and3.2%in2023.Pre-pandemic(COVID-19),theg1oba1inf1ationratehoveredaroundthe3%range.Nonethe1ess,itwasmorethan5%inthefo11owingregions:emerginganddeve1opingEurope,1atinAmerica&theCaribbean,theMidd1eEast&Centra1Asia,andSub-Saha

8、ranAfrica,whicha11haddoub1edigitgrowthin2023.Inf1ation,ByCountryZRegionaIGroup1(PercentChangefromPreviousYear)201920232019I2023US1.8%/8.0%Emerging&Deve1opingEurope6.7%/R27.9%UK1.8%9.1%1atinAmerica&Carribean7.7%z714.0%China2.9%1.9%Midd1eEastIndia4.8%6.7%&Centra1Asia7.6%/N14.3%SaudiSub-Arabia-2.1%2.5%

9、SaharanAfrica8.1%/714.5%SaudiArabiahadthe1owestinf1ationratein2023inMENA,(andamongthe1owestg1oba11y)a1thoughitpostedanincreasefrom2019,snegativerateof2.1%.Africancountries1ikeZimbabweandSudanpostedinf1ationratesexceeding100%in2023;theserateswerea1readyabove100%forZimbabwein2019butaround50%inSudanint

10、hatyear.Acombinationofdemandandsupp1y-drivenfactorsandothers(suchasfirmswithmarketpowertakingadvantageofthemarketturbu1encetoraisepricesevenfurther)have1edtoinf1ationarypressures.IntroductionInterestrateswereaggressive1yincreasedbytheEuropeanCentra1Bank,theUSFedera1Reserve,theBankofEng1and,andotherc

11、entra1banksinanefforttokeepinf1ationbackdownwithinthe2%target.Tightermonetarypo1icyisconsequent1yhavinganimpactbeyondtheaimtocurbinf1ationandthe1atestbankingcrisis(March2023)wasanindicationofthat.G1oba1Inf1ationRate1(PercentChangefromPreviousYear)FactorsCausingInf1ationaryPressuresAcombinationofseve

12、ra1demand,supp1y,andotherfactorshave1edtohighinf1ationarypressuresg1oba11y.Thesefactorsinc1ude:DemandSideShiftsindemandinducedbyCOVID-19pandemic.Pent-updemand-driveninf1ationarypressurescausedbythe1iftingof1oca1COVID-19Dandemiygstctio.IInsumptionZcIemandsupportedbyfisca1stimu1usprovidedbymanJ1ar1y1a

13、rgerinadvancedthanemergingeconomies)tomitigatetstandsupportrecoveryefforts.Asectora1shiftindemandthatispart1ybroughtonbysupp1yconstraints/short-ages(supp1yshortageofcertainproducts1eadingtoshiftingdemandforsimi1ar/a1ternatives).Supp1ySideC0VID-19jwhichcausedsupp1y-sidedisruptionsing1oba1supp1ychainsandwasmadeworsebytheOmicronspreadandChina,szero-COVIDpo1icy.Geopo1itics:-Theconf1ictinUkrainedisruptedfoodandenergysupp1ies,contributingsignificant1ytofoodandenergyinf1ation.OPECandgeopo1iticsofoi1.Difficu1tiesinthe