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FOCUS Equity Research 4 January 2022 Global Consumer Staples 22 for 2022 INDUSTRY UPDATE European Consumer Staples Not another year-ahead document: Rather than start the year with a dry Staples outlook Warren Ackerman report, we thought it would be more instructive to task each of the Barclays Global Staples +44 (0)20 3134 1903 analysts with writing a pithy twor on their highest conviction ideas for 2022. This year warren.ackerman@ we add a twist by considering ‘What If’ scenarios split between Thematic and Stock ideas. Barclays, UK Thematic ideas: ‘Quality’ Staples have significantly outperformed ‘Value’ in 2021 and we Iain Simpson +44 (0)20 7773 3616 consider what would need to happen for ‘Value’ names to reverse this trend. We also focus iain.simpson@ on whether elevated category growth