Five Key Consumer Trends for Australian Financial Services
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Introduction
While the Australian financial services market has had a difficult couple of years with write downs and losses from major banks, it remains both profitable and stable. Although the economy never technically entered a recession, economic turbulence of recent years have taken their toll on the average consumer with several trends developing in consumer attitudes and behaviors.
Scope
- The findings are based on an on-going monthly consumer survey that has interviewed nearly 4000 Australian respondents since June 2009
- The shifts in consumers’ behaviors affect the entire FS market, encompassing short term purchases as well as long term savings & investment choices
- The analysis profiles competitors that are already taking advantage of these consumers trends in their marketing or product positioning
Highlights
When consumers start to streamline their lifestyles, it results in closer monitoring of a monthly budget. The main effect of streamlining on finances are efforts to cut down on all costs, particularly those deemed to be luxury.
Consumers that a consuming conspicuously are less concerned by convenience or simplicity as they are attracted by luxury even in the FS sector. These consumers spend on items that offer them a premium brand or luxury. So, even when considering FS products and services this will be one of their main considerations.
Reasons to Purchase
- Understand how the Australian financial services consumer has been impacted by the global financial crisis
- Provides access to detailed breakdowns of FS product holding and attitudes
- Compare the impact and longevity of the consumer trends, giving you insight into which will most affect your market and for how long they will endure
