Keeping up with the new consumer

  • Published
  • Length
    3 minute(s) read

Constantly checking the pulse of consumers is crucial for companies, as shoppers’ behaviour quickly changes and evolves within broader trends. A top priority for Carmignac’s Equity team is anticipating consumption patterns in order to infer whether the companies we invest in are well-positioned for it.

  • Carmignac
    Data Analytics

    We study how and where people shop as well as what differences matter across countries and demographics.

  • Carmignac

    We also closely follow how consumers respond to competing products and services, notably using surveys.

Digitisation: temporary or permanent?

We all know that the way we consume has changed dramatically in recent years. There’s now an app for almost everything. We use our phones to read the news, order food, monitor our sleep, and even invest!

Well-known names, such as Amazon or Uber, or their emerging counterpart,, Sea Limited, and MercadoLibre have skyrocketed in 2020 as stay-at-home dynamics have forced people to consume differently. The key question now for these companies is whether the adoption rate was only lockdown-driven, leading user engagement to drop as economies reopen. Have we reached the full potential of these Covid names?

Source: Carmignac, 2021. Portfolio composition may vary over time and without prior notice.
The trademarks and logos do not imply any affiliation with or endorsement by them.

At Carmignac, we are convinced that the overall digitisation thematic hasn’t quite played out yet, for several reasons:

  • The importance of habits. We can already see in some countries that have reopened that consumers keep ordering food delivery, shopping online, etc.

  • Penetration is still low. Especially in some areas such as grocery and in some regions such as Europe and emerging markets

  • Margin expansion. After years of strong growth, these platforms should see their profit margin improve as they increase the monetization of their ecosystems.

Beyond ecommerce, digitisation should continue to extend to other parts of our daily life. For example, one area where digitisation is accelerating is education, but it is at the early stages of adoption despite growing very fast since the outbreak of the virus.

The need for a change

Interestingly, if digitisation has revolutionized the way we consume, it has also strengthened our need for authenticity and experience.

We are increasing our focus on those companies that go the extra mile in humanising transactions or reinventing the way we shop. For example, some platforms offer a strong differentiation vs. other marketplaces, as it makes people feel that there’s a person behind every item. One example is Etsy, an ecommerce platform with a “community of sellers” that are creative entrepreneurs/artists enabling Etsy to have a collection of unique products.

In terms of experience, we are looking at companies able to offer a unique in-store consumer experience such as Ferrari, or Lululemon in athletic apparel, that are using augmented reality to enable customers to try their products.


Another interesting change that we are witnessing is a preference for more sustainable consumption. We have seen a clear uptrend in the production and sale of electric vehicles and, while this is underpinned by government subsidies and adapting infrastructures, it also denotes a shift in consumer preferences which we have been trying to benefit from in our portfolio.

The need for uniqueness

Finally, this new consumer is still looking for uniqueness, which luxury companies clearly aim to offer. People still desire those things that not a lot of people can get. A company like Hermès deliberately makes it hard for consumers to access some of its most coveted bags, such as the Birkin and the Kelly. You can’t buy these items online, and since the brand no longer offers waiting lists through its stores, you need to have an existing relationship with Hermès to buy one. Moreover, scarcity also means these bags retain their value on second-hand markets. Hermès bags fetch 80% of their retail price when resold, while Chanel and Louis Vuitton only fetch 63%.

Find these new trends in our stock selection within :

Carmignac Investissement

[Background image] [CI] Blue sky and buildings

Looking for winners of today and tomorrow

  • International equity fund with no restrictions in terms of region, sector or market capitalisation.

  • Performance drivers combining long-term trends and tactical opportunities.

  • A disciplined investment process based on fundamental bottom-up analysis to maximize alpha generation.

Carmignac Investissement A EUR Acc

ISIN: FR0010148981

Recommended minimum investment horizon

Lower risk Higher risk

Potentially lower return Potentially higher return

1 2 3 4 5 6 7
Main risks of the Fund

EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.

CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.

INTEREST RATE: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.

DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

The Fund presents a risk of loss of capital.

* Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.

Source: Carmignac, 30/04/2021

This document is intended for professional clients. This is an advertising document. This document may not be reproduced, in whole or in part, without prior authorisation from the management company. This document does not constitute a subscription offer, nor does it constitute investment advice. The French investment funds (fonds commun de placement or FCP) are common funds in contractual form (FCP) conforming to the UCITS Directive under French law. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund is not registered in North America, in South America, in Asia nor is it registered in Japan. The Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a "U.S. person", according to the definition of the US Regulation S and/or FATCA. The Fund presents a risk of loss of capital. The risks and fees are described in the KIID (Key Investor Information Document). The Fund's prospectus, KIIDs and annual reports are available at, or upon request to the Management Company. The KIID must be made available to the subscriber prior to subscription. - In Switzerland, the Fund’s respective prospectuses, KIIDs and annual reports are available at, or through our representative in Switzerland, CACEIS (Switzerland) S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Paris, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon. - In the United Kingdom, the Funds’ respective prospectuses, KIIDs and annual reports are available at, or upon request to the Management Company, or for the French Funds, at the offices of the Facilities Agent at BNP PARIBAS SECURITIES SERVICES, operating through its branch in London: 55 Moorgate, London EC2R. This material was prepared by Carmignac Gestion and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg UK Branch (Registered in England and Wales with number FC031103, CSSF agreement of 10/06/2013). - In Spain: Carmignac Investissement is registered with Comisión Nacional del Mercado de Valores de España (CNMV) under number 385. CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tél : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 15,000,000 - RCS Paris B 349 501 676 CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel : (+352) 46 70 60 1 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF Public limited company with share capital of € 23,000,000 - RC Luxembourg B 67 549