What does value look like to Australian shoppers?
It’s become a common theme in recent years. The idea that the modern consumer is demanding more than ever from the products and businesses they utilise. But what exactly are they looking for, what is it they want more of?
These days the definition of product value has shifted significantly in popular perception. One of the reasons for this is our growing reliance on technology. Consumers are being overwhelmed with countless time and labour saving options, such as being able to purchase online, and get their goods delivered to their home.
Recent research from Roy Morgan suggests that a strong majority of consumers now just expect that level of service and convenience when making purchases. And to receive it, is often as important to many as a bargain price.
Australian demographics are also mutating quite rapidly, with the latest census showing that over one in four Australian citizens were born overseas. Most of these immigrants come from East Asian countries such as China. To this new customer base, value often equates to luxury, high-end products. Research shows there is an increasing trend of such consumers being willing to pay more for higher quality goods.
The concern for quality also extends to the level of ‘guiltlessness’ in a product. A far greater emphasis in today’s media and popular culture is placed on environmentally friendly, healthy and morally irreproachable products. Prompting many consumers to look for, and expect foods to be sustainably sourced, ethically produced and often organic or free range. Most are willing to pay more for goods that are considered more suited to our changing social conscience.
While Aussie shoppers today, view value differently in many areas, one thing hasn’t changed. Australian shoppers are feeling the pinch, with 40% of households reporting in 2019 they were concerned about paying all their household expenses. This means consumers require more for less. They want products to be high-quality, convenient, and ethical – all at still a comparative bargain.
It’s essential to translate the value that is in the product to your customer, whether it be minimal fat content or high protein, unless customers can critically analyse your product amongst other competitors, yours may be overlooked at the price crunch.
Australian consumer trends to take onboard
With busy daily lives, Australian consumers are looking for quick and no-fuss cooking for weeknight dinners and extravagant feasts for the weekend. If you want your product to stand out, here’s a few tips for you:
Marinated over plain
Many shoppers will select a pre-marinated product than plain, with less time involved for them to marinate the meat themselves. This is a great way to experiment with various flavours and returning to try other varieties.
With many concerned on weight and willing to pay more for a product with less sugar content, this is a fantastic way to differentiate your product, in an age when diabetes and sugar consumption has become a major issue amongst young families.