The Coronavirus (COVID-19) pandemic has forced Australia’s government to enforce lockdown restrictions, which negatively impacted business and consumer confidence and supply chains. While the grocery sector and e-commerce experienced rapid increased in demand for products as panic buying escalated across the country, others have suffered a sharp decline. As the pandemic continues to unfold, retailers need to be prepared for long-lasting changes in consumer behaviour and shopping habits.
This report comes in PPT.
Retail is a cut-throat industry and especially during and after this pandemic, retailers must constantly redevelop and reinvent their brand, e-commerce and in-store strategies if they are to have any chance of competing in a dynamic and hypercompetitive retail environment.
Uncertainty dampens both business and consumer confidence. This lowering of confidence can become a self-fulfilling prophecy, with Australians and business deferring spending and investment.
Environmental concerns have taken a temporary backseat as health and hygiene are the main concerns during the pandemic. However, this does not mean an end to sustainability and there is likely to be a stronger and renewed interest among Australians in protecting the environment by shopping in a more sustainable manner.
The COVID-19 pandemic will bring about lasting changes in consumer attitudes and behaviour. Australians that previously preferred to pay in cash and reluctant to engage in e-commerce are increasingly likely to embrace these new payment trends.
E-commerce is flourishing in Australia but there are still questions to be answered and hurdles to be overcome if consumers will alter their shopping habits in the longer term.
Sales of new and used goods to the general public for personal or household consumption. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts, fuel. Also excludes foodservice, rental and hire and wholesale industries (Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retailing is the aggregation of Store-based retailing and Non-store retailing. Retailing excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, ie retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer which is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retailing. In relation to click and collect purchases (i.e. where purchases are made over the internet but picked up at store) where the sales data is attributed depends on where the payment is made: If payment is made in store, then the sale is included in store-based sales. If payment is made over the internet, then the sale is included in internet retailing.
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