Although Australia's economy may have technically avoided entering a recession, almost two-thirds of Aussies believe that it has, and consumer confidence has plummeted to an all-time low. Concerns about job security and personal finances have led Australians to change the way they shop, with a focus on value. Like consumers in Europe and North America, Australians are trying to stretch their dollars further: they are eating out less, entertaining and cooking at home more often and buying more private label goods.
These changes present a range of challenges for retailers and consumer goods manufacturers, namely, how to adapt to the new environment and continue to grow while watching costs.
"The industry is at an inflexion point -- a time when new habits are being created -- and the next 12 months holds both challenges and opportunities in the grocery channel," said Chris Percy, Managing Director - Consumer Group, Nielsen Pacific.
Nielsen's Special Report: Forces of Change explores the changes sweeping the Australian grocery channel. Pulling together a range of exclusive data, the report analyses how Australians are spending their money in a difficult economy, which product categories are showing growth and how marketers and manufacturers need to fully understand their customers, the changes taking place and how to reach their targets more effectively.
Read Nielsen's Special Report: Forces of Change, which appeared in the July 20-31 edition of Retail World.