Five Key Consumer Issues for Australian Retailers Post-Recession: Defining the 'New Normal' for Retailers
Australian shopping habits are changing amid concerns over rising daily living costs. Shoppers looking to lead a simplified lifestyle are engaging in a more focused form of consumption and increasingly assessing the trade off between price and experience. Consumers are also looking for moments of indulgence and entitlement, though how this is obtained varies among consumer segments.
*A concise slide pack examining key trends that will influence buying behavior in the Australian retail sector over the next five years.
*Highlights underlying reasons for these behavioral changes and offers best practice solutions at product category and retail channel level.
*Assesses the distribution of wealth within Australia, identifying key states for luxury and value-orientated retailers to target.
*Focuses specifically on the food and drink and clothing market within the Australian retail sector.
A total of 46% of Australians are making active attempts to limit the time spent in retail stores, looking to free up available leisure time and avoid the temptation to make non-essential impulse buys. However when in-store, consumers are becoming increasingly value orientated and will switch brands if they believe a better deal is available.
Although six out of ten consumers are attaching greater importance to spending time with family and friends, Australians are looking to reduce levels of expenditure in sectors such as bars and restaurants. As such, they are increasingly looking to socialize at-home and recreate out-of-home experiences in the comfort of their own home.
Older consumers are becoming increasingly hedonistic in their outlook on life and are seeking out day-to-day moments of sensory appeal and indulgence. These desires for indulgence and adventure will exacerbate as retirees down-trade on assets such as houses, resulting in greater levels of spending power.
Reasons to Purchase
*Consumer understanding: recognize changing consumer attitudes in the Australian retail channel and the resulting impact on buying behavior.
*Market understanding: recognize key consumer segments to target with luxury and value-orientated offerings.
*Ideation: examine best practice examples of aligning with a changing consumer landscape both at the product category and retail channel level.
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