Latest news with #EY-Parthenon
Yahoo
3 days ago
- Business
- Yahoo
Uncertainty is the new norm, says EY boss Janet Truncale. She's advising clients to rely on 'muscle memory' to get through.
EY boss Janet Truncale says that uncertainty is here to stay. She shared some advice for entrepreneurs and business leaders in an interview with Bloomberg TV. Lean on muscle memory and don't go it alone, Truncale said. Uncertain times are here to stay, according to the head of the Big Four firm EY. "Uncertainty is going to be the norm. It's going to be there for some time," Janet Truncale, EY's global chair and CEO, told Bloomberg TV in an interview on Wednesday. Business leaders are facing change and tough decisions on all fronts, from quickfire tariff policies and stock market swings, to how to implement AI and handle generational shifts in the job market. Truncale said that "confidence has been up and down in the C-Suite for the last year" and that technology, AI, and tariffs are all topics that entrepreneurs are talking about. Her advice for entrepreneurs and clients is to "stay the course and remember that muscle memory." Entrepreneurs should "go back to what you know and make sure that you don't go it alone," she added. "We've been talking to a lot of entrepreneurs who got to this point of their business without taking outside capital, without outside advice. And I think it's really important in our strategy and for all our customers, you don't need to go it alone," Truncale said. As businesses confront a new era of American trade policy, many are turning to consulting firms like EY for strategies to adapt to the rapidly changing regulatory landscape. The CEO added that in today's uncertain environment, EY's clients were focusing on transformation, growth, the customer, and cost cutting. As global chair and CEO of EY, Truncale is responsible for leading 400,000 employees and overseeing a global network that with revenue of over $50 billion last year. EY has faced its share of uncertainty in recent years. In April 2023, EY made headlines after a bid to split the firm's consulting and audit lines under the previous CEO, Carmine Di Sibio, fell apart amid infighting. EY has also been hit by the wider industry slowdown in demand for consulting services. EY's global annual revenue growth fell by 10 points in its 2024 financial year — the business grew by 3.9% compared to 14.2% in 2023. Truncale has pushed some major strategic changes since she took over as CEO in July 2024, almost one year ago. They include plans to merge EY's existing geographical regions into 10 superregions and the expansion of the EY-Parthenon brand to represent the entire EY strategy and transactions service line. Have a tip? Contact this reporter via email at pthompson@ or Signal at Polly_Thompson.89. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
21-05-2025
- Business
- Business Standard
Indians take to private labelling as value reigns supreme: Survey
A majority of Indian customers are now evaluating their shopping choices according to price, value and pack size, leading to a shift from brand loyalty to private label products. According to the India edition of the EY Future Consumer Index, 52 per cent consumers are switching to private labels. This growing preference is transforming consumer perceptions and positioning store brands as the favoured alternative to traditional branded options. As many as 70 per cent of consumers believe that private labels meet their needs just as effectively as branded products. Notably, 47 per cent of the respondents expressed a willingness to return to a branded product if it offers superior taste, quality or performance, showing that quality is the driving factor for decision-making. Additionally, 44 per cent of consumers indicated they would switch back to branded products for better value for money, while the same percentage of respondents are also willing to pay a premium for enhancements that improve product performance. 'Consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them while technology is enhancing the shopping experience,' said Angshuman Bhattacharya, partner and national leader, consumer products and retail sector, at EY-Parthenon. Retailers are responding to this shift, with 74 per cent of consumers noticing more private label options where they shop and 70 per cent observing more private label items positioned at eye level on store shelves. Further, a significant 69 per cent of consumers said that store brands and private labels help them save money. Even when brands turn to innovation and improvements like changing ingredients or formulas to create more value, 34 per cent respondents perceive them as cost-cutting measures rather than genuine innovation. Furthermore, 59 per cent of consumers indicated that they only purchase branded products when they are on sale, prioritising discounts over brand loyalty. 'The rapid growth of private labels is further evidenced by the rising popularity of fresh, new brands among Indian consumers. At the same time, this presents established brands with both the opportunity and the imperative to deepen their connection with consumers and explore innovative ways to stay relevant,' Bhattacharya added.
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Business Standard
21-05-2025
- Business
- Business Standard
Nearly half of Indian consumers polled switching to private labels: EY
Indian consumers are re-evaluating their retail choices and nearly half of them are switching to private labels, according to an EY report which highlights heightened consumer expectations of value, trust and relevance from their purchase experiences. According to the latest EY Future Consumer Index (FCI) India edition, the growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. The EY Future Consumer Index tracks changing consumer sentiment and behaviours across time horizons and global markets, identifying the new consumer segments that are emerging. The 15th edition of the EY Future Consumer Index surveyed over 1,000 consumers across India, between January 24, 2025, to February 20, 2025. The report said the growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. It said 52 per cent of consumers are switching to private labels, with 70 per cent agreeing that these brands are increasingly providing better quality products. Around 70 per cent of the consumers believe that private labels meet their needs just as effectively as branded products, it added. "Even when brands turn to innovation and 'brand improvements' such as changing ingredients or formulas to create more value, 34 per cent of respondents perceive these efforts as cost-cutting measures rather than genuine innovation," it said. Furthermore, 59 per cent of consumers indicated that they only purchase branded products when they are on sale, prioritizing discounts over brand loyalty. The EY report further said that retailers also appear to be responding to this shift, with 74 per cent of consumers noticing more private label options where they shop and 70 per cent observing more private label items positioned at eye level on store shelves. Additionally, a significant 69 per cent of consumers said that store brands and private labels help them save money. Angshuman Bhattacharya, Partner and National Leader, Consumer Products and Retail Sector, EY-Parthenon said consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them, while technology is enhancing the shopping experience by providing consumers with limitless options and the ability to compare products, he said. "The rapid growth of private labels is further evidenced by the rising popularity of fresh, new brands among Indian consumers. At the same time, this presents established brands with both the opportunity and the imperative to deepen their connection with consumers and explore innovative ways to stay relevant," Bhattacharya added. The report also noted that 47 per cent of respondents expressed willingness to return to a branded product if it offers superior taste, quality or performance. Additionally, 44 per cent of consumers indicated they would switch back to branded products for better value for money. The EY report also reveals that artificial intelligence (AI) has emerged as a key shopping tool, with 62 per cent of respondents making purchase decisions based on AI recommendations. As many as 58 per cent of consumers stated that AI has significantly enhanced their shopping experience.
Time of India
21-05-2025
- Business
- Time of India
52% consumers are switching to private labels
Indian consumers are reevaluating their retail choices with more than half or 52 per cent consumers are switching to private labels , with 70 per cent agreeing that these brands are increasingly providing better quality products, said EY Future Consumer Index (FCI) – India edition. The growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. 70 per cent of consumers believe that private labels meet their needs just as effectively as branded products. "Consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them, while technology is enhancing the shopping experience by providing consumers with limitless options and the ability to compare products," Angshuman Bhattacharya, Partner and National Leader, Consumer Products and Retail Sector, EY-Parthenon said. "The rapid growth of private labels is further evidenced by the rising popularity of fresh, new brands among Indian consumers. At the same time, this presents established brands with both the opportunity and the imperative to deepen their connection with consumers and explore innovative ways to stay relevant." Retailers also appear to be responding to this shift, with 74 per cent of consumers noticing more private label options where they shop and 70 per cent observing more private label items positioned at eye level on store shelves. Additionally, a significant 69 per cent of consumers said that store brands and private labels help them save money. In addition, 59 per cent of consumers indicated that they only purchase branded products when they are on sale, prioritizing discounts over brand loyalty. About 47 per cent of respondents expressed willingness to return to a branded product if it offers superior taste, quality or performance and 44 per cent of consumers indicated they would switch back to branded products for better value for money. Almost half, 44 per cent , are also willing to pay a premium for enhancements that improve product performance. The product categories perceived as the most innovative include clothing and footwear (58 per cent ), beauty and cosmetics (51 per cent ) and personal care (45 per cent ), all of which are benefitting from their investments in research and development (R&D).
India Today
05-05-2025
- Entertainment
- India Today
How Ahmedabad's Coldplay tour bounty signals India's prospering concert economy
The Coldplay 'Music of the Spheres' concert, held at the Narendra Modi Stadium in Ahmedabad on January 25-26, has delivered a staggering economic windfall for the city. According to a comprehensive report by EY-Parthenon and BookMyShow, the event, which drew over 222,000 fans, generated an estimated Rs 641 crore bounty for the local event catalysed a multi-sector economic surge, with direct contributions of Rs 392 crore to Ahmedabad's economy and Rs 72 crore in Goods and Services Tax (GST). The report details a ripple effect across tourism, hospitality, transportation and retail, positioning the city for more such large-scale airport handled 138,000 travellers over three days, including 112 chartered flights. Hotels operated at full capacity, with rates soaring to historic highs, while restaurants and local transport services reported record revenues. The report notes that 86 per cent of attendees travelled from outside Ahmedabad, representing over 500 cities. Social media posts relating to the two concerts in Ahmedabad reached 350 million and the combined media coverage 1.2 billion.'The economic impact estimation is based on actual revenues from ticketing, in-concert food and beverage, merchandise and parking,' said Raghav Anand, partner and leader-digital, media and convergence, EY-Parthenon. 'Additionally, the broader economic contribution, including attendees spending on travel, accommodation, local transport, shopping related to the concert, etc., was estimated through a survey of 2,821 concert attendees conducted by BookMyShow,' he report claims the concert's economic impact extended beyond immediate financial metrics. It created an estimated 15,000 jobs, spanning event management, security, logistics and volunteer roles, demonstrating the labour-intensive nature of such events. Local businesses, from street vendors to high-end retailers, benefited from increased footfall, while the event's operational scale—featuring 130 food and beverage stalls, 54 hydration stations and 68 food trailers—underscored the logistical the event's success reflects broader trends in India's concert economy, which surpassed Rs 12,000 crore in 2024 and is projected to grow at a CAGR (compound annual growth rate) of 19 per cent over the next three years. Rising disposable incomes, rapid digital adoption, and a young, experience-hungry audience are driving demand for world-class entertainment. The report cites the growing interest in international artistes/bands such as Ed Sheeran, Dua Lipa and Green Day as evidence of India's ascent as a destination for live hard-rock band Guns N' Roses will return to India after a 13-year hiatus, for a performance at the Mahalaxmi Race Course in Mumbai on May 17. Speculation abounds about artistes such as Eminem, Taylor Swift, BTS and Adele performing in India this year, but no confirmed dates or venues are available. A post on microblogging site X speculated about Adele performing at a major event in Mumbai (July 12-14), but this lacks corroboration from reliable the future looks promising, the EY-Parthenon and BookMyShow report highlights challenges that must be addressed to maintain this momentum. Complex regulatory frameworks and permission delays pose barriers for event organisers. The recommendation for a single-window-clearance portal and public-private partnerships to streamline approvals and finance infrastructure upgrades is investments in large-capacity venues and accessibility enhancements, such as improved transport and facilities for persons with disabilities, are equally vital. Ahmedabad's success, facilitated by collaboration with local authorities and infrastructure enhancements such as extended metro services, sets a precedent for other cities.'This was the first live music concert at the Narendra Modi Stadium—a landmark moment for live entertainment in India. Globally, stadia are commonly used as concert venues; yet in India, this practice has been limited. Despite the country boasting of numerous state-of-the-art cricket and football stadia, their potential beyond sporting events has remained underutilised,' says Anil Makhija, COO-live entertainment and venues, the Coldplay concert, the challenge of preserving cricket pitches was addressed by deploying specialised pitch and turf protectors, added breakthrough serves as a compelling case study, inviting other Indian cities to harness the economic potential of the live entertainment boom, the report to India Today Magazine
