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A lens on the transition: Consumer

By Shahbano Soomro Victor Benavides
13 July 2026

Impax’s analysis of key sustainability-related themes disrupting the Consumer sector and their impact across a set of sub-industries

In this paper, we summarise our sector experts’ analysis of the emerging issues, risks and opportunities that are affecting the Consumer sector and related sub-industries in the transition to a more sustainable economy.

We explore three key themes driving sustainability-related opportunities and risks for the sector over the next one to two years:

  1. A new generation of consumers is encouraging a shift towards a more circular economy and more transparent supply chains
  2. Health and wellness, supported by wearable technologies and uptake of GLP-1s, is changing consumer preferences
  3. The AI-enabled consumer: personalisation, efficiency and new competitive moats

In turn, we then share our sector experts’ perspectives on how these opportunities and risks are evolving for three sub-industries, namely:

  • Broadline retail
  • Leisure facilities
  • Packaged foods and meats
Portrait of Shahbano Soomro

Shahbano Soomro

Sustainable Investment Research & Strategy

Within her role in Sustainable Investment Research & Strategy, as part of the Impax Sustainability Centre, Shahbano works closely with investment teams to evaluate how structural trends, policy developments, and technological innovation translate into investment opportunities and risks across portfolios. She leads the management of Impax’s Sustainability Lens, a proprietary framework used to evaluate sustainability risks and value drivers at a sub-industry level. In this role Shahbano collaborates with sustainability and investment specialists across the firm to shape views on forward looking themes shaping sector dynamics and return potential. Her insights support the investment process and idea generation as well as company resilience assessments, with a particular focus on financial implications of climate-related risks and opportunities. She plays a leading role in developing Impax’s broader sustainability strategy, across the themes of climate, nature, people, and governance, and leads the advancement of the firm’s approach to integrating climate risk into investment decision making amongst other areas of interest.

Previously, Shahbano was an Engagement Manager at Vivid Economics and McKinsey, advising governments, corporates and financial institutions on energy transition pathways, low-carbon technology innovation and sustainable finance strategy.

Shahbano holds an MSc in International Economics and Public Policy at Sciences Po, Paris, and a BA in Philosophy, Politics and Economics from University of Oxford.

Recent Insights

A lens on the transition: Consumer

Impax’s analysis of key sustainability-related themes disrupting the Consumer sector and their impact across a set of sub-industries

13 July 2026
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Portrait of Victor Benavides

Victor Benavides

Portfolio Manager

Victor is a Co-Portfolio Manager of the Impax Global Emerging Markets Opportunities strategy. Victor has been part of the Impax Asset Management team since 2022, after first joining as a portfolio specialist gaining in depth knowledge of investee companies and the investment process.

Prior to joining Impax, Victor served as a fund manager at HSBC Asset Management in the emerging markets equities team for six years. Before this, he held a range of portfolio manager and equity analyst positions globally, including at Mirabaud Asset Management in London, Amiral Gestion in Paris, and Banco Santander in Santiago, where his career began.

Victor has an Engineering degree, with a specialist focus on the environment, from Pontificia Universidad Catolica in Chile. He also holds a master’s degree in Business Administration from HEC Paris.

Recent Insights

A lens on the transition: Consumer

Impax’s analysis of key sustainability-related themes disrupting the Consumer sector and their impact across a set of sub-industries

13 July 2026
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