Demographer Bernard Salt says Australians are obsessed with changing their lifestyle with much of this prompted by the pandemic.
“Where do Australians spend their wealth and prosperity? It is on housing, quality of life and lifestyle. As a consequence, we should be invested in those kind of businesses."
Salt, speaking at the AANA's RESET 2023 conference, examined how a nation is obsessed with a change in lifestyle, "up the coast, down the coast, sea change, tree change".
"Gen Z will want what other Australians have had - quality of lifestyle. That might mean the flexibity to come and go, a four-day week; one that ultimately celebrates what is unique about Australia.
“I’ve invented a number of acronyms in my time over the years. Pumcins - stands for the 'professional urban middle class in nice suburbs'. Kippers - 'kids in parents pockets eroding retirement savings'.
“If Australians are so obsessed with lifestyle, then we will embrace it.”
Salt recognises the drive of increased lifestyle zones, a result of the support from post-pandemic Australia. On the rise of the Millennials searching for their trophy home with a family, Salt said: “All of a sudden that minimalist, chic apartment doesn’t do it for you anymore... you need a zoom room.
“They will transform middle, outer and lifestyle suburbia in my view.”
Australians must now navigate skills shortages and deliver efficiencies, claims Salt.
“If you accept there was a baby boomer in the 1950s, then you must accept baby boomers are now leaving the workforce."
On the customer requirements at each stage of the lifestyle, Salt considers the rationale of retirement and superannuation against the changing life expectancies.
“The point here is that the life stages are nuanced, they are reflecting and changing over time. What jobs went gangbusters during the pandemic?"
The pandemic delivered a great app shift by customers. Salt said: “We have leant into technology. I'd rather use an app than sit in a call centre and wait in a queue.”
Australians have also embraced a work from home lifestyle, Salt believes.
“Working from home gives middle Australia a better quality of life - it is irresistible.”
How does this play out for how we live? Has the home commandeered a greater purpose?
“Surely there is an obsession with home security that is going to be the next boom in Australia. It strikes me that things are pressing, I think if the level of employment starts to rise again that will be a key indicator.
"My observaiton in business is that you need to be in the right place at the right time, offering the right product. These people will transform the next phase of lifestyle."
On Salt's view of climate change, how willing are Australians to spend their money on sustainability?
"I think now people want to see if things are ethically souced, ethically produced; does that product contribute to or detract me from a brand?
"There is an ethical moral decison that is taken - you need to be able to tell those stories to customers."
Salt's final remarks on where the Australian lifestyle is headed: "We need to create pathways where everyone can share in the prosperity of Australia.
"We see oursleves as the place of a fair go - and that to me is where we need to get to."
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