Retail is looking brighter for Australia’s consumers. With many new stores opening in the regions, the economy is expected to continue improving.
The changes in Australia’s consumer and retail laws have eased up a bit, but the recovery will still be uneven. While consumers are eager to put the past behind them, the research shows that they’re still prone to making big purchases.
The research shows that many people’s attitudes and behaviours have shifted over the past six months. It also shows that some people’s expectations have started to reverse.
The future of retailing remains unclear, but retailers can use this information to create strategies that take advantage of the signals that consumers are sending.
The rise in digital shopping was also influenced by the changes brought about by the pandemic. For instance, people are more likely to shop for items without being able to see them.
Over half of Australians are now buying more from local online retailers, up from just over half in 2021. This is almost two-and-a-half times more than those who are spending more with offshore retailers.
In January 2019, the majority of Australians said that they wanted to buy more local products. This desire also extended to buying products that are made in Australia.
The rise in the number of people using digital payment options has been widely attributed to the pandemic. Most Australians are now avoiding using cash and credit cards.
Over two in five Australians have used mobile payment wallets to make purchases online. However, when it comes to online purchases, many people are still using buy now pay later services.
Over the past six months, the frequency of using buy now pay later has increased. This method of payment is commonly used by 38% of consumers.
The majority of consumers plan to revert back to pre-Covid-19 shopping patterns once the pandemic recedes.
In other categories, such as fashion and motor vehicle parts, more consumers are planning to return to in-store purchases. This is contrary to the trend in January, when only 59 per cent of consumers said they would do so.
With the Australian economy set to reopen after a long period of uncertainty, the retail sector can start feeling positive. This is in response to the substantial savings that were accumulated during the last few years.
Stores online are continuing to do well and expect to do further in the future. Gorman online is doing well and you can save there if you have a gorman coupon for your purchase.
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