Analyse Australia
Understanding the Future Consumer Generational insights to inform future strategies towards 2030
August 2020 The changing consumer landscape 04
Generation Alpha 06
Table of Generation Z 10
Generation Y 14 contents Generation X 18 Towards 2050 26
The Global outlook of the future 28
What does this mean for leaders? 30
Understanding the Future Consumer report is produced by: How can we help 32 McCrindle Research Pty Ltd Suite 105, 29 Solent Circuit Norwest NSW 2153 AUSTRALIA mccrindle.com.au [email protected] +61 2 8824 3422
Authors: Mark McCrindle, Ashley Fell, Kevin Leung, Peter Chi Data visualisation and design: Hendrik Zuidersma Title: Understanding the Future Consumer Publisher: McCrindle Research - mccrindle.com.au URL: analyseaustralia.com ISBN: 978-0-6486695-6-2 © McCrindle Research Pty Ltd 2020
This report is copyright. Fair dealing for the purpose of private study, research, criticism or review is permitted under the Copyright Act. In addition, the Publisher grants permission to use images and content from this report for commercial and non-commercial purposes provided proper attribution is given such as ‘Understanding the Future Consumer’ By Mark McCrindle, Ashley Fell, Kevin Leung, Peter Chi, is used by permission, McCrindle Research.
02 Understanding the Future Consumer Understanding the Future Consumer 03 Case study
In 1996 the Eastman Kodak Company recorded one of their best years with a valuation of $30 billion USD, and revenues of $16 billion USD. Yet 16 years later it filed for bankruptcy.
In 1888, founder George Eastman put the first model of Kodak camera to market. His proposition? “You press the 1996 Kodak valued at button, we do the rest.” He created the first technological wave of handheld cameras. For the next century Kodak $30 BILLION USD brought the handheld camera experience from a novelty used by few, to become the ‘Kodak Moment’ used by all.
The S Curve: new technology adoption rates
Analogue The changing cameras
Mass Consumption
consumer Digital cameras
Early landscape Adopters
What Kodak failed to see, was that another S curve was A decade of change has seen the consumer landscape shift Today's consumers are increasingly prioritising simplicity, emerging. from mass market to personalisation and customisation, from personalisation and customisation. The challenge for a life of bricks-and-mortar shopping to $27.5 billion dollars in organisations is to not just communicate their key brand Kodak were convinced that analogue cameras and film would online goods spend. messages well, but to listen to and understand the unique continue to appeal to the masses. They didn’t predict that needs of each generation. They then need to respond in a the current generation at the time with the largest spending Organisations that have thrived in the past decade are those timely manner to set themselves apart from competitors. To power (Gen X – 31% of income in 2005)2 were craving who have understood their consumers and pre-empted the set up organisations to thrive in the current market it is more emerging technology, embracing the difference in their trends. In 2020 we are living in a time of constant change. important than ever to gain insight into today’s consumers. parent’s (Baby Boomer’s) ‘Kodak moment’ lifestyles. Technology is developing faster than ever before and is What are their defining characteristics? What are their shaping consumption habits in ways previous generations have expectations and where will they be in the next decade? Alongside other challenges, the Kodak company did not not experienced. More prevalently, in the current COVID-19 2012 Kodak declares respond to the generational context and failed to provide a environment, organisations are now adapting to change in This report is for business leaders, future thinkers and product sought after by the current market. mere weeks instead of years. communication strategists. It is for those who want to BANKRUPTCY understand the consumer of the future and set their organisation up for success.
04 Understanding the Future Consumer Understanding the Future Consumer 05 GENERATIONALPHA
Generation Alpha If organisations want to not only exist in a decade’s time, but thrive and flourish, then understanding Generation Alpha is imperative.
06 Understanding the Future Consumer Understanding the Future Consumer 07 Shaped by technology
GENERATIONALPHA While they are currently the youngest citizens, Generation Alpha have brand influence and purchasing power beyond Generation Gen Alpha began being born in 2010 (the same year the their years. They heavily influence their parents purchasing iPad was released) and are coming of age in unprecedented decisions, shape the emerging social media landscape, and times of change. They are part of an unintentional global are the future generation of digital shoppers. Alpha experiment where screens and voice assistants are placed in front of them from the youngest age as pacifiers, entertainers Currently there are three million Generation Alpha in Australia and educational aids. Generation Alpha are ‘up-ageing’ and more than 2.8 million are born globally every week. (growing up faster and at a younger age) which results in a greater level of sophistication not only physically, but GEN ALPHA ARE EARLY ADOPTERS WITH In a decade’s time, Generation Alpha will be well into their technologically. ONLINE INTERACTION SEAMLESSLY teens and will be highly educated and entrepreneurial. It is INTEGRATED INTO THEIR WORLD. imperative for leaders and marketers alike to understand this burgeoning generation as they begin their careers. Influencing household purchasing decisions
While this generation has yet to earn any personal income, they have a strong voice in purchasing decisions and are 2 IN 5 AUSTRALIAN CHILDREN AGED BETWEEN environmentally and sustainability minded. 81% of parents 6 – 13 OWN OR USE A MOBILE PHONE, WHICH HAS BEEN STEADILY INCREASING SINCE 2013 (41%) .3 have had their actions or consumption decisions influenced to 2,000,000,000 be more environmentally aware by their Gen Alpha children.4 2025 2,800,000 Towards 2030 GEN ALPHA ARE BORN GLOBALLY WHEN THEY HAVE ALL BEEN BORN (2025) THEY WILL BY 2030, GEN ALPHA EVERY WEEK NUMBER MORE THAN TWO BILLION – THE LARGEST WILL COMPRISE GENERATION IN THE HISTORY OF THE WORLD The voice that shapes the future
Generation Alpha are well positioned to be at the forefront of technological integration. They will transition from being a voice of influence in the 6% OF THE Demographic profile household, to technological trendsetters with their WORKFORCE economic power to match. 2030 TODAY AND ALMOST ONE IN FIVE AUSTRALIANS 0 - 10 CURRENT AGE 6 - 20
Personalisation as an expectation 3,251,125 5,514,434 POPULATION 14% of Aus population 18% of Aus population Throughout their life technology has existed to serve them, providing instant gratification to everything they seek. Alphas are growing up in households of smart devices, apps delivering food, and personalisation - where everything from Nutella jars to story books can be ordered featuring their name. Algorithms and personalisation are an integrated and expected part of their consumer experience. 69% % LIVING IN CAPITAL CITY 70%
0% % OF THE WORKFORCE 6% Generation Generation Y Generation Z Alpha Descriptive Customised Personalised TODAY 2030
08 Understanding the Future Consumer Understanding the Future Consumer 09 GENERATIONZ
Generation Z
Authenticity and sustainability are vital to engaging this generation.
10 Understanding the Future Consumer Understanding the Future Consumer 11 Global connections and social influence
GENERATIONZ Through technology, Gen Z experience cultural and social trends globally like never before. No matter the location, Gen Zs are influenced by the same movies, music, fashion Generation Z and food. Today’s youth are extensively connected to and OF GEN Z WOULD MAKE A PURCHASE shaped by their peers. Social proofing comes through what BASED ON A SOCIAL MEDIA their peers recommend and the distance between fan and 73% RECOMMENDATION7 Generation Z are almost exclusively the children of celebrity, regardless of geography has narrowed. Generation X. Since 2019, there are more Australians born since 1980 than before it. This means that Gen Y (born from 1980 to 1994), Gen Z (born from 1995 to 2009) and Gen 95% Alpha (born since 2010) now comprise more than half the OF GEN Z OWN A SMARTPHONE5 85% YOUTUBE population. Gen Z are digital integrators. They are too young Visual communication is an expectation to remember the arrival of digital technology, and have grown TOP SOCIAL MEDIA PLATFORM up and in many cases, have been significantly socialised by BY USAGE OF 72% INSTAGRAM YouTube outstrips Google as the number one search engine screen-based devices. TEENAGERS8 for this generation, because why would they read it when they can watch it? The visual summary drives higher engagement 69% SNAPCHAT than the written narrative. Watched on a mobile of course, Digital integrators bite sized, personalised information defines this generation.
95% of Gen Z own a smartphone and this technology is seamlessly integrated into their lives. On average 74% of Gen Z’s time is spent online (outside of school or work). The digital Sustainability as a is increasingly replacing the physical which is fundamentally lifestyle 74% changing their experiences of the everyday. OF GEN Z'S AVERAGE TIME IS SPENT ONLINE (OUTSIDE OF SCHOOL OR WORK).6 Gen Z believe in protecting the planet through their purchasing decisions with many taking 55% 42% 41% steps to change their behaviour TAKEN STEPS TO INCREASED THEIR STOPPED/REDUCED THE because of concerns they have REDUCE THEIR OWN PURCHASE OF ORGANIC REGULARITY IN WHICH for the environment. USE OF SINGLE-USE AND/OR LOCALLY THEY PURCHASE ‘FAST Demographic profile PLASTICS PRODUCED FOOD FASHION’ 9 2030 TODAY
11 - 25 CURRENT AGE 21 - 35 Towards 2030
4,955,157 POPULATION 6,286,476 19% of Aus population 21% of Aus population Established in their earning years Mobility and flexibility are essential
In the next ten years, there will be twice as many Gen Z’s Gen Z are mobile and agile and on average are 70% % LIVING IN CAPITAL CITY 76% in the workforce than in 2020. With Gen Z comprising expected to have 18 jobs across six careers in their 34% of the total working population they will be the lifetime. One in three young Australians state they have largest generation of active workers in Australia. a ‘side-hustle’ and have embraced the gig economy10. The ‘nine-to-five’ of the previous generations will cease 17% % OF THE WORKFORCE 32% to exist as technology and lifestyle preferences pave way for an outcomes-based workplace that rewards output, not time spent at work. Gen Z will hold multiple jobs at any given time, and will likely be both employees of an TODAY 2030 organisation and contributors to the gig economy.
12 Understanding the Future Consumer Understanding the Future Consumer 13 GENERATION Y
Generation Y Prioritising lifestyle and experiences over the accumulation of more.
14 Understanding the Future Consumer Understanding the Future Consumer 15 The tension of family and career
GENERATION Y Generation Y Gen Y are looking to exceed family and professional expectations – juggling work life balance and professional GEN YS TOOK MORE Generation Y, also known as Millennials, are a generation progression. The proportion of families with children younger OVERSEAS TRIPS IN who have delayed their traditional life markers, studied than five, where both parents are working full time increased 2019 (3,119,918) THAN ALL AUSTRALIANS later into life and commenced their working years in greater from 14% to 21% over the last decade. Dual income earners are TOOK IN 1997 levels of debt than ever before. Often labelled as KIPPERS also on the rise, with an increase of 17% over the last ten years. (3,040,278) (Kids In Parents Pockets Eroding Retirement Savings), this generation are currently in their family forming years, entered BOTH PARENTS the workforce during the GFC and are forging ahead in their WORKING FULL TIME 2009 TODAY AVERAGE HOUSE PRICES SYDNEY careers during the COVID-19 pandemic. WITH CHILDREN 21% UNDER 5 14%
MEDIAN AGE OF MARRIAGE 1975 1995 TODAY 1987 TODAY 5x 6x 13x Females 25.2 30.5 Towards 2030 27.6 32.4 AVG. FULL-TIME ANNUAL INCOME 11 Males A generation of mature, ethically conscious spenders MEDIAN AGE FOR A MOTHER AT THE BIRTH OF HER FIRST CHILD Prioritising experiences over possessions Sustainability is more than just a buzz word; it is fast 1987 TODAY becoming a framework within which to live by. Many The great Australian dream of home ownership has felt out consumers today are choosing to engage with and 42% 26.8 31.4 of millennials said they have begun or of reach for many Gen Ys, and as a result this generation has align themselves with organisations who live and deepened a business relationship because more of a propensity to focus on lifestyle pursuits and on breathe their Corporate Social Responsibility. By 2030, they perceive a company’s products or valuing people and experiences over acquiring real estate. Gen Y will comprise the largest consumer demographic, services to have a positive impact on and retailers will need to have sustainability as part of society and/or the environment. their branding and business model. Demographic profile
TODAY The new face of retail 2030 The effect of a highly innovative, technological and social generation will shape and design the retail CURRENT AGE 26 - 40 36 – 50 landscape in the future. In 2030: 37% have stopped or lessened a business • Online retail will become more efficient in packaging relationship because of the company’s 5,679,826 6,066,488 and delivery to reduce waste in order to meet POPULATION ethical behaviour. 22% of Aus population 20% of Aus population the ethical standards brought about by younger generations.
74% % LIVING IN CAPITAL CITY 73% • Shopping centres will still have their place, but will transform into ‘hubs’ fostering community and provide places of social interaction.
• The sharing economy will continue to become 34% % OF THE WORKFORCE 31% embedded into our way of life. Renting, or paying a 36%have started/deepened a relationship subscription fee for goods such as transport or clothing, because they believed a company was rather than owning outright, will suffice the needs of ethical. TODAY 2030 many consumers.
16 Understanding the Future Consumer Understanding the Future Consumer 17 GENERATIONX
Generation X Simplicity as a service is essential for a generation who are caring both up and down.
18 Understanding the Future Consumer Understanding the Future Consumer 19 Towards 2030 GENERATIONX Generation X The new downagers The sandwich generation with Generation X has the unique trait of taking a dual caring The original dual-income couple increasing responsibility role, ‘sandwiching’ them between the need to care for their Having lived their formative years in the 20th Century dependent children and their ageing parents. Gen X value Gen X were the first to make dual income earners the norm, and most of their adult years in the 21st, this generation Time poor, but in the wealthiest stage of their lives, services which simplify caring for people they love and can reinventing the concept of the working family. are a unique hybrid of traditional, structural, and Generation X will be caught in the middle of the family save them time. analogue approaches combined with the adaptive, dynamic where they make choices for their parents as collaborative, and digital thinking of today. well as their children, whilst navigating the senior years of their careers. From against ‘the Man’ to being ‘the Man’ % Generation X are poised to become ‘downagers’ – 75 where age is just a number and they feel and act far Their experience as early adopters to technology Having grown up with a healthy dose of MTV and heroes of OF MOTHERS WITH younger than their age would expect. They value travel, in their formative years will resurface, armed with CHILDREN BETWEEN the counter-culture of authority (Bon Jovi, Freddy Mercury, lifestyle, social connection and adapt quite easily to the spending power to match. Many will opt for a SIX AND 14 YEARS Angus Young, to name a few), the ‘slackers’ have now ARE CURRENTLY new technology. Generation X will easily utilise services combination of luxury and innovation to ‘keep up with emerged as leaders and managers to many organisations EMPLOYED IN THE or products that will save them time and money so the Joneses’ but also fit with their busy lifestyles. WORKFORCE AT globally. SOME CAPACITY14 they can experience their own retirement painlessly. Expect autonomous vehicles, smart phones and The oldest of Generation X have had more than 30 years in internet-of-things devices to fulfil a burgeoning need to the workplace. In this time they have worked to establish their take care of others, while looking good. careers and as the Baby Boomers move into retirement many are stepping into the C suite or Executive roles. The shift in wealth and income YRS As John Mayer the musician (and Gen Xer – born 1977) said, 50 Currently Generation X have an equal share of the nation’s wealth in comparison to their demographics. Boomers ‘One day our generation will rule the population’ and Australia IS THE AVERAGE are the best off financially, having around double the share in national wealth compared to their population size. AGE OF PEOPLE now has a Gen X Prime Minister in The Hon Scott Morrison. WORKING They also have the highest average income, showing a person’s middle-aged years as their highest earning years. AS CEOS IN AUSTRALIA Over the next few decades, we will see the older generations pass on much of their wealth. By the time they move from the growing to the spending side of this accumulation, it would have exceeded the $3 trillion level. Therefore, the decades ahead will see the biggest intergenerational wealth transfer in Australia’s history and many of the younger generations will be the main beneficiaries. Demographic profile 2030 TODAY
41 - 55 CURRENT AGE 51 - 65
4,818,744 4,753,666 POPULATION 19% of Aus population 16% of Aus population
68% % LIVING IN CAPITAL CITY 66%
29% % OF THE WORKFORCE 24%
TODAY 2030
20 Understanding the Future Consumer Understanding the Future Consumer 21 BABY BOOMERS & BUILDERS
Baby Boomers & Builders
An increasingly large market of late adopters looking for modern solutions for a comfortable retirement.
22 Understanding the Future Consumer Understanding the Future Consumer 23 65 is the new 50 BABY BOOMERS & BUILDERS Baby Today’s Baby Boomers are the ultimate downagers, redefining life stages, and reinventing retirement. They’re buying and selling property later in life and remaining active in the AUSTRALIANS AGED 65 AND 2006 TODAY OVER HAVE A WORKFORCE workforce later than ever before. This is a response to the PARTICIPATION RATE OF 8% 13% Boomers improved life and health realities. & Builders
Tough early experiences followed by years of unmatched prosperity forged the eldest two generations in our nation. Towards 2030 LIFE EXPECTANCY 16 Baby Boomers and Builders have adapted to more technology in their lifetime, been resilient across more economic and 1920 TODAY social cycles and have responded to more change and trends than any prior generation. 61 YEARS 81 YEARS
Living longer, working harder TODAY 3.9 MILLION BABY BY 2030 THAT WILL THERE ARE CURRENTLY BY 2030 THAT BOOMERS AND BUILDERS INCREASE TO OVER HALF A MILLION WILL INCREASE ARE ELIGIBLE TO RECEIVE 4.27 MILLION (517,812) AGED 85 AND TO 735,000. When Australia’s Age Pension was introduced in 1909, life THE PENSION. AUSTRALIANS. OVER. expectancy at birth was 57. Today it exceeds 80, averaged across males and females. Australians have gained 25 years of life expectancy in the last 100 years. Or three months of life for every 12 months of time! Redefining retirement Highly adaptable, digital consumers
While Baby Boomers are currently more active in the Baby Boomers may not be early adopters in the smart workforce for their age than those before them, the phone age but show no indication they are laggards next decade will see a changing of the guard in the either. They have adapted to more technology in their Demographic profile workforce. The youngest of the Baby Boomers will sail lifetime, been resilient across more economic and
2030 past 65 and ease out of the workforce, leaving a very social cycles (and still counting) and responded to more TODAY significant knowledge, labour and leadership gap for the change than any prior generation. following generations to take up. 56+ CURRENT AGE 66+ In the next ten years Baby Boomers and Builders will But that doesn’t mean a quiet retirement. The reality is continue this trend, adapting to change and integrating that Baby Boomers are living longer, more active in the it into their lifestyles. 6,811,654 POPULATION 5,170,890 workplace and are staying actively involved with their 26% of Aus population 17% of Aus population children and grandchildren more than any previous generation. Boomers will continue to be the most accommodating, supportive and financially endowing 61% % LIVING IN CAPITAL CITY 61% of their children’s generation which leads to a hive of activity in ten years. BABY BOOMERS AND BUILDERS COMPRISE 34% OF DIGITAL 34% PURCHASES, WHICH 19% % OF THE WORKFORCE 6% HAS GROWN FROM 25% IN 2016. 1 IN 3 BABY BOOMERS (31%) WILL INCREASE THEIR DIGITAL PURCHASES POST COVID-19.17 TODAY 2030
24 Understanding the Future Consumer Understanding the Future Consumer 25 % of Australians by Generation Towards TODAY 13% 19% 22% 19% 27%
Alpha Z Y X Builders & Boomers
2050 2050
14% 19% 20% 18% 15% 10% 4% Ageing society
Gamma Beta Alpha Z Y X Boomer
1990 2020 2030 2050 MEDIAN AGE 32 36 36 38 Engaging the generations of the future
Builder + Boomer Gen X Gen Y Gen Z Alpha Beta
Marketing 25.8 MILLION 40 MILLION Radio and TV Mass market channels Social media Digital influencers Automated algorithms Virtual influencers
Technology
Australia has a population of more than 2030 will see the emergence of a new generation Colour TV The internet Facebook Smartphones Internet of Things Autonomous vehicles 25.8 million, by 2050 it is predicted to be (Gen Beta will be born between 2026 and 2040) 40 million. and 2050 will see the birth of Generation Gamma (born between 2041 to 2055). Payments
Cash Credit and loans Physical card Online payments Digital card Block chain
Personalisation
Brand loyalty Brand switchers Descriptive Customised Personalised Predictive
Movers and When looking generationally, our youngest Currently, at the retirement age of 65, the average shakers generation (Alpha) comprise 14% of our male can expect to live to 85, and female to total population, but will be the largest 88. Based on these longevity gains, by the time Bill Gates Elon Musk Mark Zuckerberg Greta Thunberg ? ? generation in 2030 (20%). Generation Alpha reach this age, the average life expectancy will be in the mid-90s. Learning
Thinkers Questioners Experiencers Adapters Integrators Co-creators
26 Understanding the Future Consumer Understanding the Future Consumer 27 The Global outlook of the future As globalisation becomes the norm, we need to not only understand the consumers The next decade will be fast and full of opportunity. Forward thinkers will already on our shores, but also those outside of it. By 2030, our youngest generation, Gen notice the next wave of early consumers – Generation Beta, the children of Generation Alpha will comprise one-fifth of the global population (19%), growing faster in Z will emerge. The African continent will continue to grow, while first world mainstays 2020 developing nations. Generation Z will be largest generation (24%), with some already 2030 such as Japan and Italy begin to show signs of an ageing population. Generation making their mark on the global workforce. Alpha will overtake Z as the largest generation (23%) and enter the workforce.
3 3 5 1 2
2 1 5
4 4
Global population: 7,794,798,729 Global population: 8,548,487,371
Population by generations
Top 5 countries by population Population by generations Top 5 countries by population new Beta (0 to 5) 811,958,652
1 China 1,439,323,774 Alpha (0 to 10) 1,472,757,774 1 India 1,503,642,327 Alpha (6 to 20) 1,995,589,917
2 India 1,380,004,385 Z (11 to 25) 1,839,077,550 2 China 1,464,340,150 Z (21 to 35) 1,818,676,077
3 United States of America 331,002,647 Y (25 to 40) 1,728,362,768 3 United States of America 349,641,876 Y (36 to 50) 1,686,714,664
4 Indonesia 273,523,621 X (41 to 55) 1,399,701,738 4 Indonesia 299,198,430 X (51 to 65) 1,312,179,148
5 Pakistan 220,892,331 Boomer & Builder (56+) 1,354,898,899 5 Nigeria 262,977,344 Boomer & Builder (66+) 923,368,913
% of continent by generation Top countries by generation % of continent by generation South North South North Africa Asia Europe America America Oceania Beta Alpha Z Y X BB Africa Asia Europe America America Oceania
Alpha 31% 17% 12% 17% 13% 18% 2030 2020 2030 2020 2030 2020 2030 2020 2030 2020 2030 Beta 16% 8% 6% 8% 7% 9%
Z 30% 23% 16% 25% 19% 22% 1 India India India India India India China China China China China Alpha 34% 22% 16% 22% 17% 22%
Y 20% 23% 20% 23% 21% 21% 2 China China China China China China India India India India India Z 23% 21% 16% 22% 20% 20%
X 11% 19% 21% 18% 19% 18% 3 Nigeria Nigeria Nigeria Indonesia USA USA USA USA USA USA USA Y 15% 21% 20% 21% 20% 19%
Boomers/ 8% 17% 31% 17% 28% 22% 4 Pakistan Pakistan Pakistan Pakistan Indonesia Indonesia Indonesia Indonesia Indonesia Japan Japan X 8% 17% 20% 16% 17% 15% Builders
5 Indonesia Indonesia Indonesia USA Pakistan Brazil Brazil Brazil Brazil Russia Brazil BB 4% 11% 22% 11% 19% 14%
28 Understanding the Future Consumer Understanding the Future Consumer 29 How to make demographic data useful What does The Australian Bureau of Statistics contains a wealth of data and it can be easy to get lost amongst all the spreadsheets and releases. this mean for Here are three principles that we use to guide our demography.
Where
Geographic analysis of ABS information can be categorised in a range of ways. Understand that leaders? national, state, LGA, suburb and granular data may exist, and select the level that is most relevant for your analysis.
Predicting trends by knowing your Demographics is the glue that holds data generations together
We are on the cusp of a new technological revolution. Within Data is the oil of the 21st Century. Big data and machine your industry there will be smaller waves of innovation. As learning mean that nearly every company can gain billions business leaders you are charged with the balancing act of of data points on their prospective customers. Information to What knowing whether your wave is peaking or a new one is forming, the most granular level can be bought and built to profile your and whether your customers are going to be amongst those customers. The ABS has technical definitions for its variables – waves. for example, is a family the same as a household? Generational studies provide a macro-level foundation that Be sure to understand the variable (no matter how Understanding your consumer is the compass that enables underpins consumer profiling. It contains the consistent drivers innocuous it seems). Definitions can be found in the your business to stay relevant and competitive. A strong that compel individuals and their peers. ABS Classifications Index. understanding means that your sales, marketing and product teams are aligned and can bring about the most appealing brand messages and product designs that fulfil your customer’s needs.
When Understanding generational nuances plays an increasingly important role in the process of developing strategies, with more diversity now existing between the generations than ever before. Think about the analysis of any data in a relevant area over time. Look into historical and future For business leaders and marketers, generational segmentation is a logical first step. projections for the data to reveal the key trends over time. Past releases and forecasts may exist. – MARK MCCRINDLE
30 Understanding the Future Consumer Understanding the Future Consumer 31 How can we help
How to use data analytics to understand We discover the insights, tell the story, and Methodology customer segments guide the journey The Future Consumer of Australia is based on quantitative research, as well as In a time of uncertainty, knowing key demographic insights For more than a decade, McCrindle has been helping provide scoping research and data analytics. allows us to lead with confidence, and make informed, a clearer picture by using data to inform strategic planning evidence-based decisions.You may have anecdotal evidence and mission-critical decisions. All the tools, methods and National demographic data is collected from the Australian Bureau of Statistics. to guide your next business decision, but know a sophisticated processes we have developed are used to explore and Global demographic data is collected from United Nations World Population level of analysis is needed on a large volume of data before interpret the unknown and bring clarity to complexity. We Prospects. making a commitment. want you to help lead confidently towards 2030 with our demographic skills and expertise. Future predictions utilise existing data that has been extrapolated using internal There is no shortage of information out there ranging from projections. the Australian Bureau of Statistics, to state population Our Site Analysis not only identifies your current target projections and industry specific reports. But drawing insights markets, but where they will be in the future. We don’t just from complex datasets may become a challenging exercise provide facts; we bring the data to life with engaging visual References for even a seasoned business leader. insights to tell the story and guide the journey.
1. Australia Post, Inside Australian online shopping, 2019 9. Deloitte, Global Millennial Survey, 2020 2. Lesonsky, R (2014) Gen X: How to Market to the Forgotten Generation, 10. Triple j Census for Young People, 2018 American Express, accessed 30 July, 2020
32 Understanding the Future Consumer Understanding the Future Consumer 33 Get in touch.
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