‘Finding value’ is key to retail
Published: July 22, 2010Global information and measurement company Nielsen’s latest report on Australian consumer confidence reports more are concerned about rising utility costs and personal finances, and showing restraint in purchases.
Restraint and vigilance continues to be a key theme among Aussie consumers
with around two in five channelling their spare cash into savings.
More than half of Australian consumers said they were actively cutting down on take-away meals, out-of -home entertainment and new clothes to reduce their household expenditure.
Finding value will continue to be a key factor in consumers’ purchasing decisions,” said Chris Percy, managing director – Pacific, Nielsen Consumer Group.
“The key to success in the retail sector lies in responding to the needs of the shopper of today and the future, and not just in terms of offering a greater value proposition.
The Australian population is set to embark on some major demographic shifts
over the next few decades with significant changes in cultural diversity, an ageing
population and general population growth.
“Understanding the impact these changes will have on shoppers and their
purchasing behaviour is critical to capitalising on the opportunities these trends
will offer the retailing trade.
“Resulting shopper centric strategies will form a key part in providing an in-depth understanding of categories and shoppers, ultimately enhancing the trading desk
relationship between suppliers and retailers,” says Percy.
Despite obvious pessimism in the market, Australia was still ranked in the top ten most optimistic markets globally.
The Nielsen Global Consumer Confidence Survey was conducted between May 10 and May 26, this year and polled approximately 27,000 consumers in 48 countries throughout Asia Pacific, Europe, Latin America, the Middle East and North America about their
confidence levels and economic outlook.
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