Australians will continue to chase a high standard of lifestyle even after the difficulties of the coronavirus pandemic, says The Demographic Group managing director Bernard Salt.
Speaking at today’s AANA RESET event, Salt says that while the pandemic will significantly change consumer behaviour, consumers will still expect to meet their idea of the Australian lifestyle, something that has increased with more than two decades of continuous economic prosperity.
As the 14th largest economic force in the world, based on GDP, Australia has been able to indulge in what Salt describes as our “obsession” with lifestyle.
“It’s only over the last four or five years, in my extensive career of looking at data about the Australian people, that I’ve realised that the Australian people are motivated by one thing - you can see it in every dataset - and it is lifestyle,” Salt says.
“What motivates Australians is lifestyle; what’s the product, what’s the service, how can we support, enhance, deliver, facilitate lifestyle? At the end of the day that is incredibly important for Australians.”
The pandemic has been compared to events such as the Great Depression and world wars, which at the end saw Australians want to “celebrate” life. Saly says Australia, which has done well in managing the pandemic, will once again be seen as a “refuge” country.
One big change in the future of Australia will be an increase in people working from home, with Salt predicting that after the pandemic is over, which has seen about 45% of people working from home, the new normal will see about 10-15% of people working from home. This will reshape consumer spending and the family home.
“I think that people who come out through their pandemic lives will actually be reshaped,” he says.
“There will be new consumer behaviour, they’ve learnt how to telehealth, they’ve learnt how to buy online, they’ve now focused on home beautification. There is a shift in consumer behaviour that comes out of this kind of period.”
Salt also says that after years of rising distrust, Australians will turn back to big institutions after the pandemic which could be a big opportunity for brands.
“I think that if we stare death in the face, if we feel that we have done pretty well at a global level, such will be the relief that we place our faith, rightly or wrongly, for the time in the big institutions; the political parties, the church, big brands,” he says.
“There is a chance for brands to provide a sense of security, a sense of comfort, a sense of relief. Here is an opportunity to rebuild reputation and a relationship.”
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