Aussie shopping habits are changing

Inflation is changing Australian shopping habits, with more than three-quarters of consumers now prioritising value for money when shopping and half of those switching brands because of price.

That’s according to the Shopify Australian Retail Report*, which identifies the emergence of new kinds of consumers with new behaviours.

“What we’re seeing is that while, across the board, Australians share some common priorities and challenges, when you dive deeper into the data you find that there are clusters of customers where these diverge,” said James Johnson, director of technology services & enterprise, APAC at Shopify.

Why it matters

In tough economic times, pricing and value for money are uppermost for the majority of consumers, who are cutting down on eating out and choosing cheaper product options. But many still have favourite brands, which will need to invest in customer insight to maximise their chances of retaining them.

At the same time, retailers need to be aware of where consumers prefer to buy certain categories – online or offline – and to adapt strategies accordingly. 

Six consumer personas 

• The Value Valuer (32%) – they define value as ‘quality that lasts’ and prioritise product quality over brand. 
• The Loyal Local (24%) – they are the most likely to switch brands to support local or more sustainable businesses. 
• The Savings Seeker (22%) – the most stressed consumers and the most price-sensitive, they are the most likely to switch to private label brands.
• The Mindful Moneybags (10%) – wealthy and environmentally conscious, these shoppers have not felt enough of an impact to change their shopping habits.
• The Picky Purchaser (8%) – they have high expectations when it comes to the shopping experience and are the most brand-loyal group.
• The Social Shopper (3%) – they are most likely to shop online and the most influenced by influencers.

*The report surveyed 1,013 consumers, and 208 medium-to-large retailers across 11 verticals

Sourced from Shopify