This Episode is Sponsored by: City National Bank

In summer 2025, Nik Modi of RBC Capital Markets warned that consumers were in a “spending recession,” but is that still the case in early 2026? Modi discusses the potential impacts of GLP-1s, price cuts, agentic commerce, and more on the food and beverage sector for the rest of the year.

More About Nik Modi:

Nik Modi is a Managing Director at RBC Capital Markets, where he has responsibility for coverage of Beverage, Household Personal Care, and Packaged Food industries. The companies under Nik’s coverage total over $1 trillion in combined market value.

Nik has consistently been ranked as one of the top analysts across the consumer space by Institutional Investor’s All Star Analyst Survey. He has also been top rated across various analyst polls, including The Wall Street Journal, Fortune and Forbes.

More About RBC:

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 100,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at www.rbc.com/peopleandplanet.