Understanding the Australian retail landscapeWednesday, 24 January 2024
We are very pleased to share this deep dive into understanding the Australian retail landscape, rooted in data and insights from our global Retail Proposition Index. We’ve reflected on standout performers in Australian retail for 2023 and what to take into 2024.
In its 3rd year in Australia, we asked over 4,742 Australian consumers to rate retailers on what they think of Australia’s largest retailers. This report delves into the intricacies of where and how consumers prefer to shop, exploring key aspects such as retailer reliability, sustainability, product quality, and more. These insights uncovered key, longer-term behavioural changes in spending and consumption adopted by Australian shoppers, compared with our 2021 data to uncover longer-term trends.
The three key findings to consider in 2024:
1. Australian retailers are not only maintaining but also gaining favour among local consumers, even in the face of the inherent advantages of scale, experience, and brand equity held by multinationals.
2. In a climate of waning consumer confidence, contracting spending will be unevenly distributed, with beneficiaries including omnichannel, value, and premium players.
3. Rising rates have compelled Gen X (those aged 39-54 y.o.) to deprioritise sustainability, but this does not diminish the important of ESG. Instead, brands must refocus their approach and how they communicate with customers, especially considering the ongoing commitment to sustainability by Gen Z and Millennials.
Across the retail sector, this report serves as a valuable resource for retailers, analysts, suppliers, and investors preparing for the coming year. We hope you find it equally as valuable.
If you would like to talk through our findings or are looking for more information, we’d be delighted to talk.
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