2011 turned out to be a more difficult year than expected for the consumer. The pace of recovery slowed down due to tough market conditions. 2012 is likely to continue as 2011 left off. But there are reasons for optimism including; the strength of large corporate balance sheets and the interest from sovereign wealth funds and Private Equity, particularly in emerging markets and for niche sectors and brands. Neil Coomber is joined by Neil Sutton, Christine Cross and Shane Horgan.