Data Led, Agile and Customer Centric: Non-Negotiables for Today’s Consumer & Retail Leaders

As we navigate through a constantly evolving consumer landscape, executive leadership in the consumer and retail sectors is undergoing a seismic shift. 

By Steve Parkes, Senior Partner, Hong Kong

Market conditions are drastically different to just a few years ago. Economic turbulence, shifting consumer preferences, and a new set of challenges have created a landscape where agility, data-driven decision-making, and conscious leadership are more important than ever before.

Having been in executive search for over 20 years, working with some of the largest brands in the world - from global FMCGs to consumer durables - I've witnessed how fundamentally the expectations on leaders have evolved. There’s one key standout: today, they’re expected to do much more than simply drive growth. Now, understanding the complexities of the market, fostering agility within teams, and being conscious stewards of both the business and its people are all basic requirements.

Where the Challenges and Opportunities Lie

A recent McKinsey report on the state of the consumer industry in 2024 highlights several key trends that present both challenges and opportunities for leaders in the sector:

1. Erosion of Brand Loyalty: Consumers are experimenting with new brands more and more
2. Value Consciousness: Rising demand for affordable yet quality products
3. Premiumisation: Increased interest in premium products within select categories
4. Digital Engagement: Adoption of digital channels for purchasing and engagement is rising
5. Health and Wellness: More emphasis on products promoting well-being
6. Personalisation: A growing desire for tailored experiences and offerings

The consumer landscape has changed – and is still changing – drastically. These insights highlight that in a highly competitive environment, there is a renewed focus on product innovation, personalisation, and brand differentiation to capture consumer loyalty and attention. The upshot of that is that leaders with a creative background in areas such as product development, marketing innovation, and brand strategy are in high demand. Experience with customer feedback loops, agile product development, and innovative design thinking is also especially valuable.

Let’s drill further down into the key skills, experience and mindsets needed to continue driving the sector forward…

The Data-Driven Leader: Moving Beyond Gut Instinct

For years, businesses relied on intuition and "gut instinct" to drive decisions. We saw this especially during the growth years when markets were booming - think about the rapid expansion in China or the surge in consumer spending during the pre-pandemic boom. Growth seemed like the goal, and leaders who could achieve year-on-year uplifts were celebrated. But now, as the market has stalled in many parts of the world and the economic outlook remains uncertain, businesses are moving away from growth for growth’s sake.

What we’re seeing today is a return to the fundamentals. Companies, especially those in the FMCG and luxury sectors, are realising that they can no longer afford to focus solely on the growth chart. Instead, they must get back to the basics: analysing data to better understand the customer and using that insight to drive innovation and efficiency. The need for leaders who can harness data, unpick consumer insights, and interpret analytics in the right way has never been greater.

Take, for example, the FMCG giant Nestlé. When its new CEO recently took charge, he made it clear that his vision for the company was to return it to its roots. It wasn’t just about expanding into new markets or launching new products - it was about remembering the core of what Nestlé was built on: high-quality products, efficient operations, and a deep understanding of the consumer.

This shift is not isolated. Across sectors, executives must embrace data analytics as an essential tool to navigate today’s marketplace. Leaders today are expected to have a firm grasp of customer behaviours, buying patterns, and even the psychological factors that drive purchasing decisions. It’s no longer enough to know your product inside-out; to lead effectively, you need to understand the entire ecosystem - from the online marketplace to the brick-and-mortar store, and even beyond that into the mind of the modern consumer.

Why Hiring from a Different Sector Could Help Power Success

As market conditions become increasingly volatile, leaders have got to be agile, able to pivot quickly, and open to fresh ideas. This is why one of the most crucial things companies can do is diversify their leadership teams - not just in terms of demographic factors, but in terms of experience and background.

Over the past two years, I’ve seen a growing trend in the way that global companies are hiring. One of the most telling case studies I’ve encountered involves a leading US-based consumer durables organisation that sought to diversify its leadership team by bringing in individuals from outside the consumer durables space. The goal was to infuse the team with new energy, faster execution, and a different perspective on what future success looks like. The candidate we placed (and who has been a success story so far) ended up coming from an FMCG background – something that may not have happened just five or ten years ago. This kind of cross-industry hiring is becoming essential to keeping businesses competitive in an environment where agility, fresh thinking and speed to market are crucial.

This approach to talent recruitment - focused on diversity of thought - has the potential to unlock entirely new avenues for success. Executives who bring fresh perspectives from different sectors can inject new ideas, challenge traditional assumptions, and create a more dynamic, pacy organisation. This is particularly important as we enter an era where the ability to innovate rapidly and stay ahead of consumer trends will define success.

The Leadership Trifecta: Agility, Purpose, and Adaptability  

In recent years, we've seen an increased emphasis on purpose-driven leadership - those who don't just focus on profitability but also consider the social, environmental, and ethical impacts of their decisions. And, after the pandemic, many companies pivoted to embrace remote work, offer greater flexibility in the workplace, and prioritise employee wellbeing.

However – interestingly - I’ve spoken with several CEOs and hiring managers lately who have shared that the urgency around progressing areas such as employee wellbeing programs, DE&I targets and sustainability has somewhat plateaued. This is not to say these priorities are no longer important to them - far from it. But in the current climate, with economic uncertainty, cost-cutting measures, and intense competition, many businesses are putting more immediate emphasis on operational efficiency and top-line revenue.

I advise clients that, whilst financial and operational priorities persist, leading with consciousness will remain a critical differentiator. The ability to manage staff in hybrid environments, support remote team engagement, and implement effective digital collaboration tools will continue to be incredibly sought after skills. As will an understanding, passion and drive to progress the company’s impact on both the community and the environment.

A New Era of Leadership

The past few years have seen us move away from a growth-at-all-costs mentality and embrace a more sustainable, efficient approach to leadership - one that balances agility and purpose with profitability (read more on this from Deloitte). 

With that in mind, those looking to hire new leadership talent must focus on three key areas: diversity of thought, agility, and conscious leadership. Leaders who can bring fresh perspectives, challenge traditional thinking, and balance purpose with profit will be the ones who drive the future of the consumer and retail industries. 

Here at Page Executive, we’re fortunate to have access to unparalleled global data which has helped many of our consumer and retail clients to better understand the modern shopper and hire the right people to engage them. We have consultants on the ground in every market we operate in, which means that supporting our clients’ talent strategies is easier than ever. 

If you'd like to discuss your executive talent needs or explore any of the ideas mentioned in this article, please reach out to me, or get in touch here.

>> Discover more Conscious Leadership articles