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1、 2022 Boston Consulting Group1 2022 Boston Consulting Group2The Australian Consumer Sentiment Snapshot series shares insights from a BCG consumer surveyundertaken with our coding and sampling partner,Dynata.The survey aims to uncover how consumerperceptions,attitudes and spending behaviors are impac

2、ted by the evolving COVID-19 and inflationaryenvironment.This snapshot presents insights from Round 6 of the survey,gathered from 2 Novemberto 8 November 2022.We have drawn comparisons with research completed in previous rounds andother countries.With uncertain economic conditions and the aer-effect

3、s of the pandemic,consumer behaviorand sentiment continue to evolve rapidly.We are seeing 7 trends emerge from the inflationaryenvironment and receding COVID-19 impact:1.Consumers concerns are high aer a brief period of post-COVID-19reliefTwo years aer the onset of the pandemic,inflation has become

4、one of the main concerns forthe global economy.Prices are at a record high in the UK and Europe because of inflation andRussia-Ukraine conflicts.This has led to the highest level of concerns about macro and microeconomic factors we have seen in all survey rounds.Most consumers across the countriessu

5、rveyed,including Australia,think there will be an economic recession and that inflation ishere to stay.See Exhibit 1.Consumers concerns are high aer a brief period of post-COVID-19 relief1.Consumers are earning and saving less,yet spending more,primarily due to inflation butalso because of pent-up d

6、emand2.Confidence in job security and the receding impact of COVID-19 are supportingconsumers in this inflationary environment3.Six patterns of spending are emerging as consumers reset their category spending for thenext 6 monthsinflation driven,pent-up demand,no sacrifice,dip in volume,dealhunting,

7、substituting4.Digital and online shopping continues to grow,but consumers also intend to shop atstores;channel preferences vary according to demographic and socioeconomic status5.Leisure travel is not only being driven by pent-up demand but also by continued intentionto travel more.Cruise travel and

8、 international flights will gain momentum6.Climate and sustainability is one of the top 3 issues on consumers minds,but consumersneed more support from companies to make sustainable purchases7.2022 Boston Consulting Group32.Consumers are earning and saving less,yet spending more,primarily due to inf

9、lation but also because of pent-up demandConsumers believe it will take close to 34 months for inflation to stop rising in Australia.Morethan 50%of Australian consumers surveyed said they are earning or saving less compared to 6months ago.Despite this,there has been a spike in overall spending with

10、33%of consumers 2022 Boston Consulting Group4saying that they are spending more than 6 months ago(up 26ppt from April 2020).See Exhibit2.More than 63%of consumers attributed this growth in their spending to the increased pricesof essentials,37%to the increased prices of non-essentials and 34%attribu

11、ted it to the impactof the Russia-Ukraine conflict.Notably 21%and 23%of consumers also cited higher interestrates and meeting pent-up demand respectively as drivers of increased spending.The 39%of consumers who are spending less are doing so to protect their savings as economicuncertainty is expecte

12、d to linger.3.Confidence in job security and the receding impact of COVID-19 aresupporting consumers in this inflationary environmentDespite inflationary pressures,this economic environment is unique.There are two shis thatcome to consumers rescue.Firstly,Australia is without the high unemployment r

13、ates typical ofpast recessionary or inflationary periods.The unemployment rate decreased to 3.4%inOctober 2022,monthly hours worked increased to 1,864 million and 91%of consumers areconfident about their employment.Secondly,consumers are more confidentbenefitting fromthe receding impact of COVID-19.

14、While 66%of consumers believe that COVID-19 will bepresent in their community for the rest of their life,56%feel less worried about the impact now.This confidence is demonstrated by increased intention to travel overseas:33%of consumersintend to take a long-haul flight for leisure travel soon.While

15、this is lower than other countriessurveyed,it is still positive compared to trends of previous survey rounds.See Exhibit 3.2022 Boston Consulting Group54.Six patterns of spending are emerging as consumers reset theircategory spending for the next 6 monthsAlthough the rising price of essentials is th

16、e primary driver of increased spendinga reflectionof inflationsome non-essential purchases and pent-up demand in categories restrictedduring COVID-19 are contributing.Consumers showed unprecedented resilience during COVID-19 by adapting their spending toareas of most need.Now they are under pressure

17、 to change their spending again.Approximately 50%of consumers are checking prices on internet more oen than ever before,choosing affordable or accessible brands to compensate for increased prices and hunting fordeals and discounts.However,behaviour is not the same for all categories.We have identifi

18、ed 6 patterns ofconsumer spending behavior that define where consumers plan to increase net spendingversus where they plan to decrease it during the next six months:inflation-driven,pent-updemand,no sacrifice,dip in volume,deal-hunting,substituting.See Exhibit 4Consumers expect to spend more on infl

19、ation-driven essentials such as utilities,mortgage,food and groceries,cars and pet care.Consumers also continue to anticipate spending morein categories restricted by COVID-19(e.g.,travel)a sign of pent-up demand.Categories whereconsumers typically do not reduce consumption during economic downturns

20、such aseducation and nonprescription medicationwill also be likely to see a li in revenues,givenconsistent purchasing despite inflated prices.Predictably,consumers expect to spend less on 2022 Boston Consulting Group6non-essentials,increase deal hunting,and substitute purchases with lower-cost brand

21、s andalternatives.The category that consumers most consistently point to as an area where they arelikely to reduce their spending is clothing.See Exhibit 5.5.Digital and online shopping continues to grow,but consumersalso intend to shop more at stores;channel preferences varyaccording to demographic

22、 and socioeconomic status 2022 Boston Consulting Group7Digital channels show sustained growth among purchasers.At the same time,consumers areembracing the receding impact of COVID-19 and intend to shop more at stores.In the next 6months,60%of consumers intend to buy as usual or more from digital cha

23、nnels,whereas 68%intend to buy more from stores.See Exhibit 6.While this is great news for in-store retailers,it will be important for retailers to monitor theconsumers coming to their stores or buying from them online to tailor their offering todemographic trends.The digital consumer profile is ske

24、wed to women,consumers aged 2645years,couples with children,mid-income earners(around AU$100k)and full-time employedprofessionals.NSW and Tasmania show a marginally higher skew to digital buyers comparedto other states.Segments who prefer to spend at stores are men,people aged 65+years,couples and r

25、etirees.As stores see the return of customers,our survey found an increasing consumer preference topurchase food and groceries from convenience stores:34%of consumers said they arespending more at convenience stores than 6 months ago and 44%of millennials are shoppingmore from the convenience stores

26、.These consumers are increasingly preferring fewer tripsand smaller shopping baskets,with 38%of consumers primarily motivated by the ease ofgetting in and getting out quickly.While both supermarkets and online channels continue toserve consumers on their monthly/fortnightly grocery runs,convenience

27、stores distinctly serveconsumers need for purchases on the go or for a short trip.With close to 10%of consumersfulfilling their monthly grocery shopping missions at convenience stores,it will be interesting tomonitor how consumers shi across channels as trends evolve.2022 Boston Consulting Group86.L

28、eisure travel is not only being driven by pent-up demand but alsoby continued intention to travel more.Cruise travel andinternational flights will gain momentumOur survey found that 32%of consumers intend to spend more on leisure travel in the next 6months as it emerges among the top 15 categories s

29、et to gain consumer spend(of 74categories).See Exhibit 5.In the next year,we expect 7ppt growth in the number of unique travelers from 68%today.International long-haul travel and cruise are expected to see the highest rise compared to lastyear.See Exhibit 7.As consumers worry less about the impact o

30、f COVID-19 and look to spend their savings onleisure travel,they want to do more international air travel and cruises compared to ourprevious survey round(October 2021)where consumers preferred road trips and domestic airtravel.In great news for cruise operators,46%of consumers at least reached the

31、researchstage of purchasing a cruise tripthese were mostly millennials and families with kids.Consumers plan to take it slowly,starting with trips in Australia or the South Pacific.And whiletheyre hunting for deals and discounts,they are also redeeming their pre-COVID-19 credit tobook holidays and c

32、raving the unmatched experience and end-to-end treat of cruise travel.7.Climate and sustainability is one of the top 3 issues on consumersminds but consumers need more support to make sustainablepurchases 2022 Boston Consulting Group9Despite impacts of inflation,sustainability remains in the top 3 a

33、gendas for consumers ofAustralia.This is great news for companies who have bold sustainability ambitions and net-zero pledges.However,while more than 80%of consumers are aware of sustainability in theirday-to-day use of products,only 5%are willing to pay a premium for sustainable productsand service

34、s.Companies oen interpret this as a signal that consumers are not ready to translate theirawareness to action,but this is an incomplete picture of the consumer sustainability journey(outlined in Exhibit 8).It ignores 2 other important groups of consumers:those acting bybuying sustainable products an

35、d services(albeit not at a premium)or adopting sustainablebehaviors(e.g.,minimising water and electricity use,restricting solo car travel or usingrefillable packaging).We examined sustainability journeys by category and found that categories are at differentstage of the journey.Homecare,skin care an

36、d cosmetics are among top 3 most evolvedsustainable categories where more than 33%of consumers are taking action by exhibitingpurchase related sustainable behaviours.Recycling,re-using and re-packaging are widelyaccepted sustainable behaviours among these category consumers.More than 50%of homecare

37、consumers have started washing their clothes in cold water,29%have reduced the varietyof cleaning products they use and 29%have started using natural products.This has directimplication for companies on how they innovate,price and communicate new products.SeeExhibit 9.2022 Boston Consulting Group10V

38、arious factors discourage consumers from making more sustainable choices in categoriessuch as luxury and leisure travel.Consumers say lack of awareness and pricing issuesdiscourage them from spending on sustainable leisure travel,whereas psychological barrierssuch as being too used to using the prod

39、uct hold consumers back from making sustainablechoices in luxury products.The key question for companies is:how do we encourage more of these acting and adoptingconsumers to pay a premium for sustainable products?There are ways to reach and motivatethese consumers by aligning sustainable offerings w

40、ith their core needs.For many products,the premium for a sustainable solution is only 1-4%;companies need to understand whatdeters consumers from fully embracing sustainable choices and what will motivate them topay this premium.Then,companies need adapt products,services,and communicationstrategies

41、 in a way that resonate with these motivations.Action for companiesThe question remains how long employment and confidence in employment will hold up in theface of inflation and shrinking GDPand when changes in those metrics will impact averageand higher-income consumers.Given the prevailing uncerta

42、inty,companies need to preparefor declining consumer spending and closely monitor consumer sentiment and behavior.At thesame time,supporting consumers to act on climate and sustainability provides opportunitiesfor companies to encourage spending around a strong cause.We see 4 key actions for compani

43、es:2022 Boston Consulting Group111.Strategically plan in an inflationary environment.Strategic planning is more importantthan ever,but companies need to take an agile approach.Companies need strategies thatprovide a clear ambition,prioritise resource allocation,can react to material opportunitiesand

44、 provide clear and timely guidance to investors.While strategy oen works well in stableenvironments,uncertainty can help companies build a more resilient strategy.To drive fasterand more agile strategic planning,companies can ask:2.Win the customer in new reality.This inflationary environment is lik

45、e no other.Priceincreases are resulting in spend increases but for the moment,consumers have employmentsecurity,savings and confidence as COVID-19 impacts recede.Winners need to understandmarket dynamics,their competitive landscape and the shape of demand to succeed in thesedifficult times.Lets take

46、 the example of leisure travel.Customers are looking for new experiences anddeals/discounts to make up for lost time during COVID-19.While there is still some uncertaintyregarding COVID-19 impacts,they are ready to take the leap if they get assurance on refundand health protocols.Winners are those w

47、ho remove the frictions,provide good deals andminimise perceived risks.3.Take green to mainstream with consumers.Theres a big gap between consumerconcern about sustainability and action for sustainability.With consumer-centric data,companies can:What world might we be operating in?What could winning

48、 look like?Which investments are most attractive and resilient?How aggressively can we move without limiting flexibility?Understand core consumer needs.Companies need a keen understanding of whatconsumers want and how sustainability fits into those desires.Which consumer needsdrive sustainable choic

49、es?What do consumers believe about sustainability?What are thetradeoffs they feel they have to make?In the beverages category,for example,only 7%of consumers cite sustainability in theirtop 3 considerations when making a purchase,but a larger share of consumersasmuch as 43%have ranked considerations

50、 that are highly related to sustainability intheir top 3.These consumers seek beverages that are healthy,high quality,guilt-free,andsocially responsibleand all these associations are positively correlated with sustainable 2022 Boston Consulting Group124.Create a channel ecosystem that aligns with co

51、nsumers expectations.COVID-19accelerated consumer digital journeys and many of those behaviours have stuck.To realise thebenefit of this,companies must continue to digitise their customer journeys,front to back.Only 30%of companies navigate a digital transformation successfully.And navigating it inu

52、ncertainty is especially difficult as new behaviors and expectations evolve.By taking a bionicapproachblending digital and human capabilitiescompanies can kick their digitaltransformation into gear and keep the momentum going.products.By emphasising these attributes in product design and marketing i

53、nitiatives,companies can attract consumers to sustainable products even when consumers are notdeliberately seeking them.Innovate to build a sustainable offering.Companies should start by generating adiverse set of ideas about the products and services their organisation might offer toremove real(rat

54、her than perceived)barriers to uptake.For example,for many consumers who are concerned about climate and sustainabilitybut are reluctant to act,cost is a primary issue or key tradeoff.Its also a great exampleof a negative perception that may not be justified.Our research proves that consumerswho do

55、not actually buy sustainable products tend to think there is a much higher greenpremium than there actually is.Consumers who are on the fence about makingsustainable purchases for this reason need clearer price communication to combat thismisperception.Drive sustainable choices.Companies need to get

56、 tactical to remove perceived barriersand change consumer choices;they need to engage with consumers,measure progress,and adjust the course depending on results.Making the attribute of sustainability anand not an or will be a win for the environment and the companys bottom line.2022 Boston Consultin

57、g Group13AuthorsMonica WegnerMANAGING DIRECTOR&PARTNERSydneyIndira ZaveriPROJECT LEADERSydneyABOUT BOSTON CONSULTING GROUPBoston Consulting Group partners with leaders in business and society to tackle their mostimportant challenges and capture their greatest opportunities.BCG was the pioneer in bus

58、inessstrategy when it was founded in 1963.Today,we work closely with clients to embrace atransformational approach aimed at benefiting all stakeholdersempowering organizations togrow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep indust

59、ry and functional expertise and a range of perspectivesthat question the status quo and spark change.BCG delivers solutions through leading-edgemanagement consulting,technology and design,and corporate and digital ventures.We work in auniquely collaborative model across the firm and throughout all l

60、evels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.Boston Consulting Group 2022.All rights reserved.For information or permission to reprint,please contact BCG at .To find the 2022 Boston Consulting Group14latest BCG content and register to receive e-alerts on this topic or others,please visit .FollowBoston Consulting Group on Facebook and Twitter.