How well are retailers attuned to the minds of their customers? Deloitte commissioned side-by-side surveys of 1,000 Australian consumers and a cross-section of Australia’s leading retailers on their expectations for the all-important holiday trading period. Taken together, the results of these surveys paint a holistic picture of the retail landscape these holidays. In our report you’ll find detailed analysis of these results, along with deep dives from our leading experts into the key trends and expectations for 2024 and beyond.
For Australian retailers, there’s been no avoiding the stormy weather in the last 12 months. But while they batten down the hatches for the challenging economic conditions of today, retailers are preparing for clearer skies tomorrow and we’re seeing opportunities for growth and innovation to chart a course for a more prosperous 2025.
Retailers are adapting to market conditions by lowering prices, focusing on affordable and value-driven products, creating better in-store experiences, and embracing innovation to attract new customers.
As for consumers, they are worried about the state of their finances as cost of living pressures impact when, where and how much they spend. The higher cost of living is even having an impact on major life decisions, with half of consumers putting off these milestones due to their financial uncertainty.
Still, there are opportunities for retailers to succeed in this market. Consumers will spend with brands they trust and are less likely to take a chance on poor-quality imitations or where they feel like they are being exploited. It’s a tightrope, but one the best retailers will walk confidently.
With that in mind, what can retailers do to win this holiday season? For the first time, we have separately surveyed Australian consumers – and they offer some compelling clues.
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