Consumer Behavior Trends:
Cross-Shopping: One in three Australians is actively cross-shopping for groceries.
Challenging Economic Environment: Both Coles and Woolworths, Australia’s leading supermarkets, reported that the current economic environment has impacted consumers’ discretionary spending.
Evolved Buying Habits: Households are adapting their buying habits to seek out value. This includes actively purchasing groceries from multiple stores. Impact of Pricing on Consumer Behavior:
Pricing significantly affects consumer behavior. Higher-priced products tend to sell fewer units, while lower-priced products may sell at higher volumes. Retailer Perspective:
Coles and Woolworths: Both retailers are experiencing an increase in cross-shopping as consumers work with tight fixed budgets.
Value-Seeking Consumers: The focus on prices has driven consumers to explore different stores to find the best deals.
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