This article discusses a study on how Australian consumer behavior has changed due to inflation and rising costs of living. Here are the key takeaways:
Decreased brand loyalty: Australians are switching brands more often due to a focus on getting the best deals. They're researching more, visiting multiple stores, and budgeting carefully.
Increased use of loyalty programs: Australians are turning to loyalty programs for discounts and the personalized benefits they offer.
Shift away from Australian-made products: Despite valuing Australian products, affordability is a bigger concern for many Australians who are opting for cheaper alternatives.
Fewer sustainable purchases: Consumers, especially younger generations, are buying fewer sustainable products due to cost pressures. This creates a conflict between their values and financial reality.
Balancing affordability and values: The article suggests that brands need to find a way to offer both affordability and cater to the values of environmentally conscious consumers.
The study highlights the challenges that economic hardship presents for both consumers and businesses. It emphasizes the importance of businesses adapting to this changing landscape by:
Offering attractive loyalty programs with discounts and personalized benefits.
Finding ways to reduce production costs without compromising sustainability.
Collaborating with influencers to promote sustainable choices at accessible prices.
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