understanding the future consumer

Generational insights to inform future strategies towards 2030

Understanding the Future ConsumerAugust 2020

AnalyseAustralia

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03Understanding the Future Consumer02 Understanding the Future Consumer

Table of contentsUnderstanding the Future Consumer report is produced by:

McCrindle Research Pty Ltd

Suite 105, 29 Solent Circuit

Norwest NSW 2153

AUSTRALIA

mccrindle.com.au

[email protected]

+61 2 8824 3422

Authors: Mark McCrindle, Ashley Fell, Kevin Leung, Peter Chi

Data visualisation and design: Hendrik Zuidersma

Title: Understanding the Future Consumer

Publisher: McCrindle Research - mccrindle.com.au

URL: analyseaustralia.com

ISBN: 978-0-6486695-6-2

© McCrindle Research Pty Ltd 2020

This report is copyright. Fair dealing for the purpose of private study, research, criticism or review is permitted under the

Copyright Act. In addition, the Publisher grants permission to use images and content from this report for commercial and

non-commercial purposes provided proper attribution is given such as ‘Understanding the Future Consumer’

By Mark McCrindle, Ashley Fell, Kevin Leung, Peter Chi, is used by permission, McCrindle Research.

The changing consumer landscape 04

Generation Alpha 06

Generation Z 10

Generation Y 14

Generation X 18

Towards 2050 26

The Global outlook of the future 28

What does this mean for leaders? 30

How can we help 32

https://mccrindle.com.au

mailto:info%40mccrindle.com.au?subject=

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05Understanding the Future ConsumerUnderstanding the Future Consumer04

Case study

In 1996 the Eastman Kodak Company recorded one of their best years with a valuation of $30 billion USD, and revenues of $16 billion USD. Yet 16 years later it filed for bankruptcy.

In 1888, founder George Eastman put the first model of Kodak camera to market. His proposition? “You press the button, we do the rest.” He created the first technological wave of handheld cameras. For the next century Kodak brought the handheld camera experience from a novelty used by few, to become the ‘Kodak Moment’ used by all.

What Kodak failed to see, was that another S curve was emerging.

Kodak were convinced that analogue cameras and film would continue to appeal to the masses. They didn’t predict that the current generation at the time with the largest spending power (Gen X – 31% of income in 2005)2 were craving emerging technology, embracing the difference in their parent’s (Baby Boomer’s) ‘Kodak moment’ lifestyles.

Alongside other challenges, the Kodak company did not respond to the generational context and failed to provide a product sought after by the current market.

The S Curve: new technology adoption rates

A decade of change has seen the consumer landscape shift from mass market to personalisation and customisation, from a life of bricks-and-mortar shopping to $27.5 billion dollars in online goods spend.

Organisations that have thrived in the past decade are those who have understood their consumers and pre-empted the trends. In 2020 we are living in a time of constant change. Technology is developing faster than ever before and is shaping consumption habits in ways previous generations have not experienced. More prevalently, in the current COVID-19 environment, organisations are now adapting to change in mere weeks instead of years.

Today's consumers are increasingly prioritising simplicity, personalisation and customisation. The challenge for organisations is to not just communicate their key brand messages well, but to listen to and understand the unique needs of each generation. They then need to respond in a timely manner to set themselves apart from competitors. To set up organisations to thrive in the current market it is more important than ever to gain insight into today’s consumers. What are their defining characteristics? What are their expectations and where will they be in the next decade?

This report is for business leaders, future thinkers and communication strategists. It is for those who want to understand the consumer of the future and set their organisation up for success.

The changing consumer landscape Early

Adopters

Analogue cameras

Digital cameras

Mass Consumption

1996 Kodak valued at

$30 BILLION USD

2012 Kodak declares

BANKRUPTCY

06 07Understanding the Future Consumer Understanding the Future Consumer

Generation AlphaIf organisations want to not only exist in a decade’s time,

but thrive and flourish, then understanding Generation

Alpha is imperative.

GEN

ERATION

ALPH

A

Understanding the Future Consumer Understanding the Future Consumer08 09

While they are currently the youngest citizens, Generation Alpha have brand influence and purchasing power beyond their years. They heavily influence their parents purchasing decisions, shape the emerging social media landscape, and are the future generation of digital shoppers.

Currently there are three million Generation Alpha in Australia and more than 2.8 million are born globally every week.

In a decade’s time, Generation Alpha will be well into their teens and will be highly educated and entrepreneurial. It is imperative for leaders and marketers alike to understand this burgeoning generation as they begin their careers.

Towards 2030

GEN ALPHA ARE EARLY ADOPTERS WITH ONLINE INTERACTION SEAMLESSLY

INTEGRATED INTO THEIR WORLD.

2 IN 5 AUSTRALIAN CHILDREN AGED BETWEEN 6 – 13 OWN OR USE A MOBILE PHONE, WHICH HAS

BEEN STEADILY INCREASING SINCE 2013 (41%) .3

Shaped by technology

Gen Alpha began being born in 2010 (the same year the iPad was released) and are coming of age in unprecedented times of change. They are part of an unintentional global experiment where screens and voice assistants are placed in front of them from the youngest age as pacifiers, entertainers and educational aids. Generation Alpha are ‘up-ageing’ (growing up faster and at a younger age) which results in a greater level of sophistication not only physically, but technologically.

The voice that shapes the future

Generation Alpha are well positioned to be at the forefront of technological integration. They will transition from being a voice of influence in the household, to technological trendsetters with their economic power to match.

Personalisation as an expectation

Throughout their life technology has existed to serve them, providing instant gratification to everything they seek. Alphas are growing up in households of smart devices, apps delivering food, and personalisation - where everything from Nutella jars to story books can be ordered featuring their name. Algorithms and personalisation are an integrated and expected part of their consumer experience.

Influencing household purchasing decisions

While this generation has yet to earn any personal income, they have a strong voice in purchasing decisions and are environmentally and sustainability minded. 81% of parents have had their actions or consumption decisions influenced to be more environmentally aware by their Gen Alpha children.4

Generation Alpha

Customised

Generation ZGeneration Y

Descriptive Personalised

Generation Alpha

GEN ALPHA ARE BORN GLOBALLY EVERY WEEK

WHEN THEY HAVE ALL BEEN BORN (2025) THEY WILL NUMBER MORE THAN TWO BILLION – THE LARGEST

GENERATION IN THE HISTORY OF THE WORLD

2,800,0002,000,000,000

2025

GEN

ERATION

ALPH

A

TODAY

CURRENT AGE

POPULATION

% LIVING IN CAPITAL CITY

% OF THE WORKFORCE

2030

Demographic profile

0 - 10

3,251,125

69%

0%

6 - 20

5,514,434

70%

6%

14% of Aus population 18% of Aus population

TOD

AY

2030

BY 2030, GEN ALPHA WILL COMPRISE

6% OF THE WORKFORCE

AND ALMOST ONE IN FIVE AUSTRALIANS


Generation ZAuthenticity and sustainability are vital to

engaging this generation.

GEN

ERATION

Z


Towards 2030

Digital integrators

95% of Gen Z own a smartphone and this technology is seamlessly integrated into their lives. On average 74% of Gen Z’s time is spent online (outside of school or work). The digital is increasingly replacing the physical which is fundamentally changing their experiences of the everyday.

Established in their earning years

In the next ten years, there will be twice as many Gen Z’s in the workforce than in 2020. With Gen Z comprising 34% of the total working population they will be the largest generation of active workers in Australia.

Mobility and flexibility are essential

Gen Z are mobile and agile and on average are expected to have 18 jobs across six careers in their lifetime. One in three young Australians state they have a ‘side-hustle’ and have embraced the gig economy10. The ‘nine-to-five’ of the previous generations will cease to exist as technology and lifestyle preferences pave way for an outcomes-based workplace that rewards output, not time spent at work. Gen Z will hold multiple jobs at any given time, and will likely be both employees of an organisation and contributors to the gig economy.

Global connections and social influence

Through technology, Gen Z experience cultural and social trends globally like never before. No matter the location, Gen Zs are influenced by the same movies, music, fashion and food. Today’s youth are extensively connected to and shaped by their peers. Social proofing comes through what their peers recommend and the distance between fan and celebrity, regardless of geography has narrowed.

Sustainability as a lifestyle

Gen Z believe in protecting the planet through their purchasing decisions with many taking steps to change their behaviour because of concerns they have for the environment.

Visual communication is an expectation

YouTube outstrips Google as the number one search engine for this generation, because why would they read it when they can watch it? The visual summary drives higher engagement than the written narrative. Watched on a mobile of course, bite sized, personalised information defines this generation.

Generation Z are almost exclusively the children of Generation X. Since 2019, there are more Australians born since 1980 than before it. This means that Gen Y (born from 1980 to 1994), Gen Z (born from 1995 to 2009) and Gen Alpha (born since 2010) now comprise more than half the population. Gen Z are digital integrators. They are too young to remember the arrival of digital technology, and have grown up and in many cases, have been significantly socialised by screen-based devices.

Generation Z

TODAY 2030

Demographic profile

11 - 25

4,955,157

70%

17%

21 - 35

6,286,476

76%

32%


GEN

ERATION

Z

OF GEN Z'S AVERAGE TIME IS SPENT ONLINE (OUTSIDE OF SCHOOL OR WORK).6

OF GEN Z WOULD MAKE A PURCHASE BASED ON A SOCIAL MEDIA RECOMMENDATION7

TOP SOCIAL MEDIA PLATFORM

BY USAGE OF TEENAGERS8

95%

74%

73%

OF GEN Z OWN A SMARTPHONE5


POPULATION

CURRENT AGE

% OF THE WORKFORCE

85% YOUTUBE

72% INSTAGRAM

69% SNAPCHAT

55% 42% 41%TAKEN STEPS TO

REDUCE THEIR OWN USE OF SINGLE-USE

PLASTICS

INCREASED THEIR PURCHASE OF ORGANIC

AND/OR LOCALLY PRODUCED FOOD

STOPPED/REDUCED THE REGULARITY IN WHICH THEY PURCHASE ‘FAST

FASHION’ 9TOD

AY

2030


Generation YPrioritising lifestyle and experiences over

the accumulation of more.

GEN

ERATION

Y


Towards 2030

A generation of mature, ethically conscious spenders

Sustainability is more than just a buzz word; it is fast becoming a framework within which to live by. Many consumers today are choosing to engage with and align themselves with organisations who live and breathe their Corporate Social Responsibility. By 2030, Gen Y will comprise the largest consumer demographic, and retailers will need to have sustainability as part of their branding and business model.

The new face of retail

The effect of a highly innovative, technological and social generation will shape and design the retail landscape in the future. In 2030:

• Online retail will become more efficient in packaging and delivery to reduce waste in order to meet the ethical standards brought about by younger generations.

• Shopping centres will still have their place, but will transform into ‘hubs’ fostering community and provide places of social interaction.

• The sharing economy will continue to become embedded into our way of life. Renting, or paying a subscription fee for goods such as transport or clothing, rather than owning outright, will suffice the needs of many consumers.

Prioritising experiences over possessions

The great Australian dream of home ownership has felt out of reach for many Gen Ys, and as a result this generation has more of a propensity to focus on lifestyle pursuits and on valuing people and experiences over acquiring real estate.

The tension of family and career

Gen Y are looking to exceed family and professional expectations – juggling work life balance and professional progression. The proportion of families with children younger than five, where both parents are working full time increased from 14% to 21% over the last decade. Dual income earners are also on the rise, with an increase of 17% over the last ten years.

Generation Y, also known as Millennials, are a generation who have delayed their traditional life markers, studied later into life and commenced their working years in greater levels of debt than ever before. Often labelled as KIPPERS (Kids In Parents Pockets Eroding Retirement Savings), this generation are currently in their family forming years, entered the workforce during the GFC and are forging ahead in their careers during the COVID-19 pandemic.

Generation Y

TODAY

CURRENT AGE

POPULATION

TOD

AY

20302030

Demographic profile

26 - 40

5,679,826

74%

34%

36 – 50

6,066,488

73%

31%


GEN

ERATION

Y

BOTH PARENTS WORKING FULL TIME WITH CHILDREN UNDER 5


% OF THE WORKFORCE

GEN YS TOOK MORE OVERSEAS TRIPS IN 2019 (3,119,918) THAN ALL AUSTRALIANS TOOK IN 1997 (3,040,278)

1987 TODAY

Females

Males

1987 TODAY

MEDIAN AGE OF MARRIAGE

MEDIAN AGE FOR A MOTHER AT THE BIRTH OF HER FIRST CHILD

31.426.8

AVERAGE HOUSE PRICES SYDNEY

2009 TODAY

21%14%

42%

37%

36%

of millennials said they have begun or deepened a business relationship because they perceive a company’s products or services to have a positive impact on society and/or the environment.

have stopped or lessened a business relationship because of the company’s ethical behaviour.

have started/deepened a relationship because they believed a company was ethical.

32.4

30.5

27.6

25.2

AVG. FULL-TIME ANNUAL INCOME 11

1975 1995 TODAY

5x 6x 13x


Generation XSimplicity as a service is essential for a

generation who are caring both up and down.

GEN

ERATION

X


Generation X has the unique trait of taking a dual caring role, ‘sandwiching’ them between the need to care for their dependent children and their ageing parents. Gen X value services which simplify caring for people they love and can save them time.

Towards 2030

The new downagers

Having lived their formative years in the 20th Century and most of their adult years in the 21st, this generation are a unique hybrid of traditional, structural, and analogue approaches combined with the adaptive, collaborative, and digital thinking of today.

Generation X are poised to become ‘downagers’ – where age is just a number and they feel and act far younger than their age would expect. They value travel, lifestyle, social connection and adapt quite easily to new technology. Generation X will easily utilise services or products that will save them time and money so they can experience their own retirement painlessly.

The sandwich generation with increasing responsibility

Time poor, but in the wealthiest stage of their lives, Generation X will be caught in the middle of the family dynamic where they make choices for their parents as well as their children, whilst navigating the senior years of their careers.

Their experience as early adopters to technology in their formative years will resurface, armed with the spending power to match. Many will opt for a combination of luxury and innovation to ‘keep up with the Joneses’ but also fit with their busy lifestyles.

Expect autonomous vehicles, smart phones and internet-of-things devices to fulfil a burgeoning need to take care of others, while looking good.

Generation X

TODAY 2030

Demographic profile

41 - 55

4,818,744

68%

29%

51 - 65

4,753,666

66%

24%


OF MOTHERS WITH CHILDREN BETWEEN SIX AND 14 YEARS ARE CURRENTLY EMPLOYED IN THE WORKFORCE AT SOME CAPACITY14

From against ‘the Man’ to being ‘the Man’

Having grown up with a healthy dose of MTV and heroes of the counter-culture of authority (Bon Jovi, Freddy Mercury, Angus Young, to name a few), the ‘slackers’ have now emerged as leaders and managers to many organisations globally.

The oldest of Generation X have had more than 30 years in the workplace. In this time they have worked to establish their careers and as the Baby Boomers move into retirement many are stepping into the C suite or Executive roles.

As John Mayer the musician (and Gen Xer – born 1977) said, ‘One day our generation will rule the population’ and Australia now has a Gen X Prime Minister in The Hon Scott Morrison.

CURRENT AGE

POPULATION


% OF THE WORKFORCE

75%

50YRSIS THE AVERAGE AGE OF PEOPLE WORKING AS CEOS IN AUSTRALIA

GEN

ERATION

X

The shift in wealth and income

Currently Generation X have an equal share of the nation’s wealth in comparison to their demographics. Boomers are the best off financially, having around double the share in national wealth compared to their population size. They also have the highest average income, showing a person’s middle-aged years as their highest earning years.

Over the next few decades, we will see the older generations pass on much of their wealth. By the time they move from the growing to the spending side of this accumulation, it would have exceeded the $3 trillion level. Therefore, the decades ahead will see the biggest intergenerational wealth transfer in Australia’s history and many of the younger generations will be the main beneficiaries.

The original dual-income couple

Gen X were the first to make dual income earners the norm, reinventing the concept of the working family.

TOD

AY

2030


Baby Boomers & BuildersAn increasingly large market of late adopters looking

for modern solutions for a comfortable retirement.

BABY BO

OM

ERS & BUILD

ERS


Towards 2030

Redefining retirement

While Baby Boomers are currently more active in the workforce for their age than those before them, the next decade will see a changing of the guard in the workforce. The youngest of the Baby Boomers will sail past 65 and ease out of the workforce, leaving a very significant knowledge, labour and leadership gap for the following generations to take up.

But that doesn’t mean a quiet retirement. The reality is that Baby Boomers are living longer, more active in the workplace and are staying actively involved with their children and grandchildren more than any previous generation. Boomers will continue to be the most accommodating, supportive and financially endowing of their children’s generation which leads to a hive of activity in ten years.

Highly adaptable, digital consumers

Baby Boomers may not be early adopters in the smart phone age but show no indication they are laggards either. They have adapted to more technology in their lifetime, been resilient across more economic and social cycles (and still counting) and responded to more change than any prior generation.

In the next ten years Baby Boomers and Builders will continue this trend, adapting to change and integrating it into their lifestyles.

Living longer, working harder

When Australia’s Age Pension was introduced in 1909, life expectancy at birth was 57. Today it exceeds 80, averaged across males and females. Australians have gained 25 years of life expectancy in the last 100 years. Or three months of life for every 12 months of time!

65 is the new 50

Today’s Baby Boomers are the ultimate downagers, redefining life stages, and reinventing retirement. They’re buying and selling property later in life and remaining active in the workforce later than ever before. This is a response to the improved life and health realities.

Baby Boomers & Builders

TODAY 2030

Demographic profile

56+

6,811,654

61%

19%

66+

5,170,890

61%

6%


BABY BO

OM

ERS & BUILD

ERS

Tough early experiences followed by years of unmatched prosperity forged the eldest two generations in our nation. Baby Boomers and Builders have adapted to more technology in their lifetime, been resilient across more economic and social cycles and have responded to more change and trends than any prior generation.

AUSTRALIANS AGED 65 AND OVER HAVE A WORKFORCE

PARTICIPATION RATE OF

BABY BOOMERS AND BUILDERS COMPRISE 34% OF DIGITAL PURCHASES, WHICH HAS GROWN FROM 25% IN 2016.

1 IN 3 BABY BOOMERS (31%) WILL INCREASE THEIR DIGITAL PURCHASES POST COVID-19.17

CURRENT AGE

POPULATION


% OF THE WORKFORCE

LIFE EXPECTANCY 16

1920

2006

TODAY

TODAY

61 YEARS

8%

81 YEARS

13%

TODAY 3.9 MILLION BABY BOOMERS AND BUILDERS ARE ELIGIBLE TO RECEIVE

THE PENSION.

BY 2030 THAT WILL INCREASE TO 4.27 MILLION

AUSTRALIANS.

THERE ARE CURRENTLY OVER HALF A MILLION (517,812) AGED 85 AND

OVER.

BY 2030 THAT WILL INCREASE

TO 735,000.

34%

TOD

AY

2030


1990

MEDIAN AGE

2020 2030 2050

32 36 36 38 Engaging the generations of the future

Towards 2050Ageing society

25.8 MILLION

40 MILLION

Australia has a population of more than 25.8 million, by 2050 it is predicted to be

40 million.

When looking generationally, our youngest generation (Alpha) comprise 14% of our total population, but will be the largest

generation in 2030 (20%).

2030 will see the emergence of a new generation (Gen Beta will be born between 2026 and 2040)

and 2050 will see the birth of Generation Gamma (born between 2041 to 2055).

Currently, at the retirement age of 65, the average male can expect to live to 85, and female to

88. Based on these longevity gains, by the time Generation Alpha reach this age, the average life

expectancy will be in the mid-90s.

% of Australians by Generation

TODAY

2050

Alpha

13%

14%

19%

19%

22%

20%

19%

18%

27%

15% 10% 4%

Gamma

Z

Beta

Y

Alpha

X

Z Y X Boomer

Builders & Boomers

Builder + Boomer Gen X Gen Y Gen Z Alpha Beta

Marketing

Radio and TV Mass market channels Social media Digital influencers Automated algorithms Virtual influencers

Technology

Colour TV The internet Facebook Smartphones Internet of Things Autonomous vehicles

Payments

Cash Credit and loans Physical card Online payments Digital card Block chain

Personalisation

Brand loyalty Brand switchers Descriptive Customised Personalised Predictive

Movers and

shakers

Bill Gates Elon Musk Mark Zuckerberg Greta Thunberg ? ?

Learning

Thinkers Questioners Experiencers Adapters Integrators Co-creators


1 China 1,439,323,774

2 India 1,380,004,385

3 United States of America 331,002,647

4 Indonesia 273,523,621

5 Pakistan 220,892,331

As globalisation becomes the norm, we need to not only understand the consumers on our shores, but also those outside of it. By 2030, our youngest generation, Gen Alpha will comprise one-fifth of the global population (19%), growing faster in developing nations. Generation Z will be largest generation (24%), with some already making their mark on the global workforce.

The Global outlook of the future2020

The next decade will be fast and full of opportunity. Forward thinkers will already notice the next wave of early consumers – Generation Beta, the children of Generation Z will emerge. The African continent will continue to grow, while first world mainstays such as Japan and Italy begin to show signs of an ageing population. Generation Alpha will overtake Z as the largest generation (23%) and enter the workforce.

2030

Alpha (0 to 10) 1,472,757,774

Z (11 to 25) 1,839,077,550

Y (25 to 40) 1,728,362,768

X (41 to 55) 1,399,701,738

Boomer & Builder (56+) 1,354,898,899

1 India 1,503,642,327

2 China 1,464,340,150

3 United States of America 349,641,876

4 Indonesia 299,198,430

5 Nigeria 262,977,344

new Beta (0 to 5) 811,958,652

Alpha (6 to 20) 1,995,589,917

Z (21 to 35) 1,818,676,077

Y (36 to 50) 1,686,714,664

X (51 to 65) 1,312,179,148

Boomer & Builder (66+) 923,368,913

1

4

2

53

1

23

4

5

Africa Asia EuropeSouth

AmericaNorth

America Oceania

Alpha 31% 17% 12% 17% 13% 18%

Z 30% 23% 16% 25% 19% 22%

Y 20% 23% 20% 23% 21% 21%

X 11% 19% 21% 18% 19% 18%

Boomers/ Builders 8% 17% 31% 17% 28% 22%

Africa Asia EuropeSouth

AmericaNorth

America Oceania

Beta 16% 8% 6% 8% 7% 9%

Alpha 34% 22% 16% 22% 17% 22%

Z 23% 21% 16% 22% 20% 20%

Y 15% 21% 20% 21% 20% 19%

X 8% 17% 20% 16% 17% 15%

BB 4% 11% 22% 11% 19% 14%

Top 5 countries by population Top 5 countries by populationPopulation by generations

Population by generations

% of continent by generation % of continent by generation

Global population: 7,794,798,729 Global population: 8,548,487,371

Top countries by generation Beta Alpha Z Y X BB

2030 2020 2030 2020 2030 2020 2030 2020 2030 2020 2030

1 India India India India India India China China China China China

2 China China China China China China India India India India India

3 Nigeria Nigeria Nigeria Indonesia USA USA USA USA USA USA USA

4 Pakistan Pakistan Pakistan Pakistan Indonesia Indonesia Indonesia Indonesia Indonesia Japan Japan

5 Indonesia Indonesia Indonesia USA Pakistan Brazil Brazil Brazil Brazil Russia Brazil


Predicting trends by knowing your generations

We are on the cusp of a new technological revolution. Within your industry there will be smaller waves of innovation. As business leaders you are charged with the balancing act of knowing whether your wave is peaking or a new one is forming, and whether your customers are going to be amongst those waves.

Understanding your consumer is the compass that enables your business to stay relevant and competitive. A strong understanding means that your sales, marketing and product teams are aligned and can bring about the most appealing brand messages and product designs that fulfil your customer’s needs.

Demographics is the glue that holds data together

Data is the oil of the 21st Century. Big data and machine learning mean that nearly every company can gain billions of data points on their prospective customers. Information to the most granular level can be bought and built to profile your customers.

Generational studies provide a macro-level foundation that underpins consumer profiling. It contains the consistent drivers that compel individuals and their peers.

How to make demographic data usefulThe Australian Bureau of Statistics contains a wealth of data and it can be easy to get lost amongst all the spreadsheets and releases.

Here are three principles that we use to guide our demography.

What does this mean for leaders?

Understanding generational nuances plays an increasingly important role in the process of

developing strategies, with more diversity now existing between the generations than ever before.

For business leaders and marketers, generational segmentation is a logical first step.

– MARK MCCRINDLE

Where

Geographic analysis of ABS information can be categorised in a range of ways. Understand that

national, state, LGA, suburb and granular data may exist, and select the level that is most relevant for

your analysis.

What

The ABS has technical definitions for its variables – for example, is a family the same as a household? Be sure to understand the variable (no matter how innocuous it seems). Definitions can be found in the

ABS Classifications Index.

When

Think about the analysis of any data in a relevant area over time. Look into historical and future

projections for the data to reveal the key trends over time. Past releases and forecasts may exist.


How to use data analytics to understand customer segments

In a time of uncertainty, knowing key demographic insights allows us to lead with confidence, and make informed, evidence-based decisions.You may have anecdotal evidence to guide your next business decision, but know a sophisticated level of analysis is needed on a large volume of data before making a commitment.

There is no shortage of information out there ranging from the Australian Bureau of Statistics, to state population projections and industry specific reports. But drawing insights from complex datasets may become a challenging exercise for even a seasoned business leader.

We discover the insights, tell the story, and guide the journey

For more than a decade, McCrindle has been helping provide a clearer picture by using data to inform strategic planning and mission-critical decisions. All the tools, methods and processes we have developed are used to explore and interpret the unknown and bring clarity to complexity. We want you to help lead confidently towards 2030 with our demographic skills and expertise.

Our Site Analysis not only identifies your current target markets, but where they will be in the future. We don’t just provide facts; we bring the data to life with engaging visual insights to tell the story and guide the journey.

How can we help

Methodology

The Future Consumer of Australia is based on quantitative research, as well as

scoping research and data analytics.

National demographic data is collected from the Australian Bureau of Statistics.

Global demographic data is collected from United Nations World Population

Prospects.

Future predictions utilise existing data that has been extrapolated using internal

projections.

References

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forgotten-generation/>

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australian-children-are-using-mobile-phones>

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spending-habits-infographic/>

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