Citi's Filippo Falorni Talks World Cup Consumption

Summary

Podcast Summary: Citi's Filippo Falorni Talks World Cup Consumption

Podcast: Bloomberg Talks
Episode: Citi's Filippo Falorni Talks World Cup Consumption
Date: June 2, 2026
Host: Bloomberg (Paul & Co-host)
Guest: Filippo Lorni, Director in Equity Research, Citi

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Episode Overview

This episode features Citi’s Filippo Lorni discussing consumer trends and spending during the 2026 World Cup. Lorni presents findings from Citi's global survey on fan engagement, food and beverage consumption habits, and the role of the World Cup in shaping consumer behaviors. The conversation also touches on the emotional impact of Italy’s absence from the tournament and predictions for championship favorites.

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Key Discussion Points

1. Global Survey on World Cup Engagement

[01:00 – 02:32]

• Citi surveyed consumers from seven countries, focusing on the three North American host nations (U.S., Mexico, Canada), as well as soccer-centric nations in Europe and Latin America.

• High Global Engagement:

  • "97% of respondents, they plan to engage somehow with the games, whether it's watching it live on TV, whether it's following on social media or going live to the game." – Filippo Lorni [01:08]
  • 20% plan to attend matches in person, despite high average ticket prices.
  • Average ticket price for a single game: about $590.

• Spending on Food & Beverage:

  • On average, fans plan to spend $115 extra per week during the tournament on food and beverage.
  • Anticipated lighter attitude towards diets and stricter habits, signaling a temporary consumption boost for related companies.
  • "People plan to be a little bit more relaxed with their diets or with their typical eating and drinking habits. So that could be also a bit of a boost for, for general food and beverage companies." – Filippo Lorni [01:46]

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2. Game-Time Behavior & Marketing

[02:32 – 03:38]

• Popular Foods:

  • Top picks: Pizza (49%) and Potato Chips/Salty Snacks (46%) for match watching.
  • "In terms of food consumption, the clear favorites were pizza and potato chips... Those are kind of like clear favorites." – Filippo Lorni [02:54]

• Beverage Trends:

  • Alcoholic: Beer leads with 64% of fans choosing it.
  • Non-Alcoholic: 57% favor traditional soft drinks.
  • "Within alcoholic beverages, beer was the clear winner. 64% of respondents said they plan to drink beer." – Filippo Lorni [03:09]

• Corporate Engagement:

  • Major marketing push from big consumer brands, aligning campaigns with FIFA’s global reach.
  • Broadcasting and in-game advertising expected to resemble Super Bowl-style fervor, especially in North America.

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3. Italy’s Absence and Broader Implications

[03:38 – 04:38]

• Italy Misses the World Cup:
  • Lorni shares a personal disappointment, referencing Italy's third missed tournament and the emotional impact.
  • "It's been really challenging to see our team miss it for the third straight time. We need a big generational shift." – Filippo Lorni [03:58]
  • Pressure on young Italian players and lack of opportunity cited as key issues.
  • Nostalgic look back at Italy's 2006 win.

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4. Tournament Favorites & Underdogs

[05:03 – 05:22]

• Predictions:
  • Lorni favors France for their strength in players and style; also mentions Spain as a notable contender.
  • Light-hearted chat about Scotland as an underdog with momentum.
  • "I think France has the better team in terms of players and style. I also like Spain." – Filippo Lorni [05:07]

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Notable Quotes & Memorable Moments

• On fan engagement:
  "Engagement globally is very elevated. 97% of respondents, they plan to engage somehow with the games." – Filippo Lorni [01:08]

• On splurging for the Cup:
  "People already spent about $590 on average to buy tickets for once a single game." – Filippo Lorni [01:17]

• On what fans are eating and drinking:
  "In terms of food consumption, the clear favorites were pizza and potato chips... And in terms of beverages, within alcoholic beverages, beer was the clear winner." – Filippo Lorni [02:54-03:09]

• On Italy’s struggles:
  "We need a big generational shift. I think hopefully for the next one we'll be in a better shape." – Filippo Lorni [03:58]

• On favorites:
  "I think France has the better team in terms of players and style. I also like Spain." – Filippo Lorni [05:07]

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Important Timestamps

• [01:00] – Survey methodology and headline findings on engagement
• [01:26] – Average ticket spend and live attendance plans
• [01:56] – Extra weekly spending on food and beverage
• [02:51] – Top foods and beverages consumed during matches
• [03:58] – Discussion on Italy’s World Cup absence
• [05:07] – Predictions for which teams could win

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Episode Tone and Takeaways

The discussion is data-driven but conversational, blending consumer insights with personal anecdotes and football fan banter. Lorni's sense of humor surfaces when describing Italian football woes, while the hosts keep the discussion lively and accessible to both finance and sports fans.

For listeners:

• Expect a snapshot of global consumption trends linked to the World Cup, with particular insights for investors and brands.
• Personal and cultural commentary adds a relatable, human touch to the analytical findings.
• The episode blends hard data with humor, sports passion, and market foresight.

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Transcript

[Narrator/Advertiser]

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[Filippo Lorni]

Bloomberg Audio

[Narrator/Advertiser]

Studios Podcasts, Radio news Should we begin now?

[Host 1]

Some serious coverage. We make jokes about it, but it's not funny. It's a huge hu research study for global Wall Street. Paul, why don't you bring in Filippo here because you're more attuned to the World Cup. Absolutely.

[Host 2]

Flippo Lorni joins us here. He's a director in the equity research department of Citi, covering a lot of the consumer products companies. Flippo, I know you guys did a big survey of consumers around the world and how they plan to consume the World cup, what kind of stuff they're going to do around the World Cup. Talk to us about some of your findings.

[Filippo Lorni]

Yes. Good morning, guys. Thanks for having me on. Look, we did a big study here. We looked at seven countries globally. The three host countries, US Mexico and Canada, and then countries in Europe and Latin America where soccer fans are very passionate about the games. And look, generally one of the main takeaways that the engagement globally is very elevated. 97% of respondents, they plan to engage somehow with the games, whether it's watching it live on tv, whether it's following on social media or going live to the game. About 20% of respondents said they plan to go live. And the average ticket prices, you've heard a lot about those ticket prices being very elevated. People already spent about $590 on average to buy tickets for once a single game. So it's elevated, but the engagement level are very, very high. And then we asked specifically because I cover more the consumer staples group specifically about food and beverage consumption. And generally we are seeing on average people plan to spend about $115 extra per week during the games on food and beverage items. So clearly there's going to be an increase in consumption behavior. We've also seen in terms of responses that people plan to be a little bit more relaxed with their diets or with their typical eating and drinking hab habits. So that could be also a bit of a boost for, for general food and beverage companies.

[Host 2]

You know, we see here in the U.S. filippo, Super bowl time, and it's all about chicken wings and beer and all that kind of stuff. And I know the consumer products companies that you cover, they go big time on advertising. What are folks telling that they're going to do around game time these days? In terms of their behavior.

[Filippo Lorni]

Yeah, absolutely. So we asked both in terms of food and beverage consumption. In terms of food consumption, the clear favorites were pizza and potato chips. About 49% of respondents said they plan to eat pizza during the games and 46% salty snacks. So not a big surprise there. Right. Those are kind of like clear favorites. And in terms of beverages, within alcoholic beverages, beer was the clear winner. 64% of respondents said they plan to drink beer. And then in non alk is soft drinks, traditional soft drinks. So that was about 57%. So no big surprises. Companies are definitely pushing significantly their marketing campaign. And you have. FIFA has some global sponsors. Right. So those, those are the ones that

[Host 1]

I'm sure you're going to cough a beverage of. Jane Fraser, she wants England go after it with Harry Kane and all. But you need to explain to me, Alessandro Bastoni gets a red card against Bosnia. Herzogena. And for the third time around, Italy doesn't make the World Cup. Filippo, discuss.

[Filippo Lorni]

No, it's. It was devastating. I'm Italian, born and raised in Italy. It's been. It's been really challenging to see. To see our team miss it for the third straight time. We need a big generational shift. I think hopefully for the next one we'll be in a better shape.

[Host 1]

Got his first gray hair off this. I mean, Filippo, help. Help me out here with the importance to Italy, just as one example, that they did not make the World cup, which frankly sounds un American. How can you have it without Italy?

[Host 2]

I know.

[Host 1]

Felipe, what is going on with the offspring, the ute of Italy?

[Filippo Lorni]

Yeah, no, it's.

[Host 2]

You're right.

[Filippo Lorni]

I mean, like, look, I was. I was very young when we won the World cup in 2006. And I remember that was a phenomenal day. But we. I think what the problem has been is that the new generation, they haven't given a lot of opportunities to really step up to big games. And then when you have big games, like the Bosnian wanted. Race is sudden. That game, you feel too much pressure. That was. I think that's what happened.

[Host 1]

Who do you pick? Who you do feel has the upper hand here?

[Filippo Lorni]

I think France has the better team in terms of players and style. I also like Spain.

[Host 1]

You say Scotland. I think Scotland can go all the way at Citigroup. Yeah.

[Filippo Lorni]

Good underdog star.

[Host 1]

We'll have to see. Filippo, thank you so much. I'm sure you'll never come back. Our first World cup here, Filippo Filarni with world class consumer analysis here wrapped around the World cup. And we do note that it's without Italy.

[Narrator/Advertiser]

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