Australia’s rising cost of living is impacting consumer behaviour, accordingto Toluna’s Global Consumer Barometer Study.
The key findings show that Australia’s rising cost of living is impactingconsumer spending. The increased cost of groceries is causing the mostdisruption, with 80 per cent of Australians stating they’re being impacted bythe rising cost of grocery items.
With the cost of living expected to remain high, 50 per cent of Australiansexpect to be spending more on groceries for the next three months.
This is forcing shoppers to make changes to their weekly shop, includingdropping their favourite brands in favour of generic ones, shopping around tofind the best deals, and buying in bulk to save money.
Reducing social activities such as eating out, as well as finding ways toreduce energy consumption, are some of the other ways Aussie households willbe trying to cut back on spending.
Aussie shoppers have particularly noticed the rising cost of fresh food (79per cent), as well as frozen food (62 per cent), tea and coffee (62 per cent),dry pantry food such as biscuits, pasta, etc. (60 per cent), householdcleaning items (59 per cent), bakery goods (59 per cent), health and beautyproducts (52 per cent), soft drinks (48 per cent), pet care (46 per cent), andalcohol (43 per cent).
Over coming months, Australian shoppers plan to change their shoppingbehaviours to help combat grocery price hikes, such as changing the brandsthey normally buy (29 per cent), buying more generic brands (28 per cent) andshopping around in search of value (27 per cent).
When it comes to purchasing decisions at the supermarket, price is by far themost important factor for most Australian shoppers (72 per cent), followed byquality (68 per cent) and health (62 per cent), with brand loyalty nearing thebottom of the list.
Sej Patel, Country Director, Toluna, Australia and New Zealand, said therising cost of living is now one of the biggest issues for Australians.
“Understanding today’s consumer is critical, and businesses will do well toensure that communication with customers over the coming months largelyfocuses on price and value for money. It’s important that businesses evolvethe way they position and market themselves in a way that aligns with currentconsumer sentiment.”
*To stay up-to-date on the latest industry headlines, sign up to the PetIndustry News e-newsletter.*
Tagged: Cost of living, Toluna
Previous Veterinarian Profile: Dr Diana Barker
Next Beau’s Biscuits celebrates World Baking Day with dog biscuits