Inaugural CommBank Consumer Insights Report claims to reveal how the pandemic has reshaped consumer behaviours and intentions.
More than 50% of Australian shoppers want to buy locally sourced and produced products, according to new research from the Commonwealth Bank.
The research shows more Australians are choosing to shop locally, supporting local online retailers and manufacturers as well as suburban shopping centres and neighbourhood stores. This is across a variety of categories including recreational goods (59%), fashion (58%), electronics (55%), and groceries (53%). Additionally, almost two thirds (61%) of consumers are praising local businesses for their adaptability to the disruption caused by the pandemic.
The report shows one in four consumers have increased online purchases, with the biggest change in online shoppers’ activities during the pandemic being an increase in purchases made from Australian online retailers. This trend looks set to continue – with nearly one in two people (49%) shopping more with domestic online retailers in 2020, and 52% saying they will continue to do so this year.
Consumer behaviour highlights
Back to normal – More than 65% of consumers expect spending on groceries, cafes, restaurants, personal care, and hardware will return to pre-pandemic levels.
Pandemic spending – Over 40% of consumers managed to cut their overall spending levels during the pandemic, while 39% didn’t see any change, and 19% increased their spending. Just under half (44%) of those who spent less, expect to continue to do so during 2021.
Priority reset – More than 55% of those who spent more time reading and listening to podcasts say they will continue to do so. 56% of those who spent more time with their partners or children say they will retain this habit, and 53% of those who cooked more at home intend to continue to do so instead of dining out.
Mobile wallet use rising – The majority of consumers reported using cash less frequently than before the pandemic. 39% of those who use a mobile wallet such as Apple Pay report doing so more frequently, with Gen Z and Gen Y driving the adoption of mobile wallets.
