Meet Your New Australian Consumer
The state of Australian consumers right now is pressured. The cost-of-living pressures feel like an ongoing squeeze and show very little signs of easing their grip any time soon. Unemployment rates remain steady, but wages continue to lag behind inflation rates. As factors like global crises (and conflict escalation) rise to consumer consciousness, expect heightened competition for a smaller pie of consumer spending.
Significant external factors, which for the most part are beyond our control, contribute relentlessly to our FMCG industry. The good news for brands and retailers is that although there is an expectation the challenging consumer environment will persist, pockets of growth have emerged as consumers pivot spending behaviours to survive and thrive. So how can manufacturers and retailers best prepare for these inevitable challenges and be equipped and agile to respond?
OVER 80% OF AUSTRALIANS ARE MONITORING THEIR SPEND
Being ‘Cautious’ is not something designated to one type of household. It’s a mentality that stretches across small and large households, families and non-families as well as the highly affluent and less affluent.
Source: NIQ Homescan Survey | Australian Household Segmentation | 2021 – 2024
Rising costs of living remain top of mind for consumers. Concerns about global warming and geo-political crisis climb this year.
NIQ Consumer Insights have enabled us to track changing behaviors, intentions and priorities that are rapidly becoming new habits.
