What’s the year ahead look like for Australian consumers? Well even after 10 interest rate hikes since May 2022, consumers have managed to increase household spending by 17.8% (12 months ending January 2023). So therefore, when will the effect of ever-increasing living costs start to show through in consumer spending?
The impact of COVID-19 was felt all over Australia from 2020 to 2022, but Australians are now moving past the pandemic and are looking forward to a better life. This means bunkering down for what could be a financially difficult 2023, but on the same hand, eager to resume pre-covid habits, such as returning to physical stores and travelling again.
We take a look at what 2023 may look like for Australian consumers and retailers alike in our latest edition of ShopperPANEL. What will consumers look for in 2023, and how can retailers start to adapt to ever changing consumer behaviours and expectations?
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