The changing face of Australia has implications for retailers as younger generations outnumber older ones and we become a more culturally diverse society.
More consumers, particularly Millennials and Zoomers, are opting for express delivery from companies such as Milkrun.The rise of the Millennials and Zoomers is also likely to force retailers to lift their green credentials and sustainability game.
According to the census, two-thirds of households own their home outright or with a mortgage, down slightly from 1996 . The proportion of households that own with no mortgage has dropped sharply, from 41.6 per cent in 1996 to 31 per cent in 2021. A growing number of homeowners – more than 2.5 million or 10.3 per cent – live in apartments.
“Over the last decade we had the biggest generation, the Millennials, in the renting phase of their lifecycle,” he says. “Over the next 10 years, as Millennials form families … that means they move from the highest renting phase into the home ownership phase.” “Just as we got our collective minds around Millennials, along came Generation Z,” Schneider said. “We believe Gen Z have defined attitudes and preferences that will require a reimagining of the DIY shopping experience.
The big supermarket chains have doubled their range of international foods over the past decade and are increasingly tailoring ranges to better suit community needs. But specialty Asian, Indian and Middle Eastern grocers continue to thrive, underlining the strength of demand for authentic ingredients.
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