Macro Trend: Staples demand holds up when things get ugly. If AI capex rolls over, this is where the portfolio takes les

Increased focus on sustainability drives consumers towards locally-sourced staples, boosting demand.

A new global pandemic exacerbates demand for staple goods as consumers stockpile.

Slow adoption rates of AI technology delay efficiency gains, maintaining high demand for staple goods.

A prolonged economic downturn increases reliance on affordable staple goods.

Severe disruptions to the supply chain cause shortages in staple goods, driving up demand.

A sudden global economic recession causes staple goods sales to plummet.

Governments implement policies to limit staple goods purchases, curbing demand.

Consumers increasingly prioritize luxury goods over staples due to economic recovery.

Advanced AI implements significant cost savings for retailers, eliminating the need for staple goods as a buffer.

Unexpected inflation erodes purchasing power, leading to reduced staple goods consumption.