REPORT: Understanding the future consumer

Introduction

Much has been made of the rise of online shopping, the changing needs of newer generations and the rise of the sharing economy. Changes to lifestyles, technology, demographics, supply chains and social values are shifting the behaviour of consumers. This report looks at how these factors are likely to influence the future consumer and what steps retailers need to take to be prepared. These charts from Macquarie Group shows the trend in Australia. While online retail is still a small part of overall retail sales, it is responsible for a large part of the growth in retail sales.

A ‘golden age’ for consumers

Consumers are changing rapidly. The challenge for businesses is to ensure that management and their views on how to run a retailer keep up.

Inevitably, there will be a generational inflection point in the management ranks of major retailers, as Mark Teperson, Chief Digital Officer of Australian retailer Accent Group says.

“If you look around the global retail marketplace, and you look at CEOs and you look at their background and their heritage, they are all principally traders: they all grew up running retail stores, bricks-and-mortar,” Teperson said. Read more

David McDonald - Business Insider Australia - 23 Jul 2018