Aussies are showing signs of optimism about a Covid-19 recovery, as less people think the pandemic will have a big impact on their personal finances.
According to a recent study by Audience Precision called ‘Covid-19 – Marketers Action Plan’, there is a generational difference when it comes to Covid-19 and spending patterns, however, in Australia, all generations are less concerned and more optimistic than the UK and US.
“This is the third wave of our ongoing Covid-19 research study and we are finding that Australians are more generally optimistic,” says Audience Precision head of business development, John La Rosa.
“This represents a massive opportunity and brands need to capitalise on this momentum of positivity. Although across generations most will delay their purchases, they are ready to spend once the pandemic is over.”
Indeed, Gen Z are the most ready to spend up big as soon as the pandemic is over in Australia but have delayed their purchases until then, while Boomers are not delaying purchases to any significant degree. Millennials are the most cautious, becoming the ‘wait and see’ generation.
When it comes to purchase priorities, home appliances and home furnishings are high on the list.
“These are very encouraging signs for marketers and this further highlights the need to be ready to accommodate a surge in expenditure. It’s important to start to brand build now to ensure awareness is achieved prior to full pre-Covid-19 conditions. Marketers need to have agile and quickly executable strategies ready for further signs of a speedy recovery,” says La Rosa.
“There are key cross generational differences, however, which have major implications for marketers and brands. Although people approve of normal advertising, there are some shifts in expectations. Having a deep understanding of what your consumers’ wants and needs are will drive repeat purchase and build longer term brand loyalty, as we know that they will choose brands based on past experiences.”
