To succeed in business, watch the market – and adapt. If you’re not selling or marketing in a way clients want, you’ll pay the price.
Some of our team recently tuned into a McCrindle webinar based on their report, The Megatrends Shaping the Consumer Landscape. It left us with some great takeaways and actionable insights we wanted to share.
From global vs. local, to balancing affordability with luxury, and a growing focus on sustainability – these are trends worth putting on the table at your next strategy session.
1. The power of grandparents and kids
Fact: older Aussies (Boomers) are consuming for longer. They’re shopping online, embracing new tech, and happily spending on their kids and grandkids – even on day-to-day items.
One in three plan to pass on 50% of their wealth directly to their grandkids, not someday down the track, but right now. This means they’re an economic force to be reckoned with!
Meanwhile, younger generations (Gen Z/Y) have a huge influence in household purchasing decisions, even before they have significant earning power. 82% of parents regularly involve their kids in decisions.
Takeaways:
- Think about customer relationships over decades, not just short-term sales.
- Invest in loyalty and trust to keep customers coming back.
- Engage ethically and provide products, services or content that genuinely adds value for each age group.
- Communicate through the right channels for each generation.
2. Global convenience vs. local connection
Us Aussies are shopping globally and locally, but for different reasons.
About a third of us buy from offshore retailers monthly, driven by price, product availability, convenience and variety. This is especially true for younger generations, who also shop in bulk or for wholesale deals.
At the same time, four in five of us buy from local businesses at least monthly. Older generations (Baby Boomers and Gen X) focus on supporting the economy and community. Younger shoppers prioritise ethical practices, fair wages, and unique, artisan products.
Takeaways:
- Understand your unique offering and what sets you apart.
- If you’re a local business, focus on community and authenticity. If you’re online, emphasise global reach and convenience.
- Consumers want the affordability of online shopping on digital channels but still appreciate an authentic, in-store experience.
- Use tech to combine the ease of online with personalised, in-person experiences.
3. Balancing digital convenience with privacy
Shoppers want control over their data but still value personalised, convenient experiences. Even Gen Z is increasingly privacy-conscious, yet social commerce keeps them buying, sharing and influencing purchases through their networks.
AI adds intelligent convenience, predicting needs and saving time, but also heightens the tension between personalisation and privacy. Many remain cautious about AI tracking preferences or making purchases for them.
Social commerce blurs the lines between privacy and participation. Younger consumers embrace in-app discovery and peer recommendations, bypassing traditional buying paths.
Takeaways:
- Give customers control over their data and personalisation preferences.
- Use AI strategically, considering its impact on both human and bot interactions.
- Balance digital convenience with trust-building – just because AI and automation speed things up doesn’t mean traditional loyalty and relationship-building can be ignored.
- Recognise that cognitive dissonance can affect customer behaviour; giving agency reduces friction and enhances satisfaction.
4. Shift from ownership to subscription access
Ownership is taking a back seat to access. Music is streamed, cars are leased and subscriptions are everywhere. We like the flexibility and convenience of subscriptions. They save us time, give us access to exclusive content and keep things feeling fresh.
But it’s not all smooth sailing. Many Aussies, especially Gen Z/Y, feel overwhelmed by keeping track of multiple subscriptions and frustrated they can’t just buy outright.
Subscriptions offer perks without long-term commitment but also create tension between wanting convenience and craving ownership.
Takeaways:
- Offer both access and ownership options where it makes sense.
- Focus on convenience, value and exclusive experiences for customers.
- Design experiences that reduce mental load and make engagement easy.
- Watch for friction or frustration. Too many subscriptions or access-only models can backfire.
- Tailor offerings to different generations’ preferences, balancing flexibility with commitment.
5. The affordability/luxury balance
Even when budgets are tight, spending is tied to identity.
We balance affordability and cost savings with small luxuries that bring comfort, creating a shift where some ‘luxuries’ feel essential. 65% of Aussies agree that as our income grows, we naturally spend more on convenience, comfort or luxury.
Recommerce and second-hand markets are rising, driven by sustainability and style, particularly among younger shoppers. 70% agree that buying second-hand aligns with their values around sustainability, though 65% still prefer to buy new when possible.
Takeaways:
- Position products or services as emotional value, not just functional.
- Cater to experience-driven spending, especially for younger customers.
- Embrace sustainability and recommerce where relevant.
- Recognise that luxury, comfort, and convenience can drive purchases even in tight markets.
6. Sustainability concern among practicality
We want to shop sustainably, but convenience and value often take priority. Ethical and environmentally friendly practices are now seen as baseline expectations rather than stand-out perks.
While 87% of Aussies like to invest in quality pieces that last and 77% are happy to pay for repairs, 56% will still choose cheaper, less eco-friendly options. Younger generations are more likely to compromise on sustainability for cost.
Takeaways:
- Treat ethical and sustainable practices as baseline expectations.
- Focus on delivering clear value and convenience; price and delivery speed remain top decision drivers.
- Offer products that last or can be repaired, but recognise many consumers will still opt for cheaper alternatives.
- Consider generational differences in behaviour; younger customers may compromise on sustainability for cost, so tailor messaging accordingly.
7. From material to meaningful experiences
Us Aussies are craving meaning over things. Material purchases are easier than ever, yet satisfaction is slipping, especially among younger generations.
56% often or sometimes feel lonely, and this rises to 71% of Gen Z consumers and 69% of Gen Y. Even as purchases are used to signal values – 74% of Gen Z and 76% of Gen Y say they do – new stuff just isn’t delivering the joy it used to.
Almost 77% now prioritise experiences and meaning over accumulating possessions.
Takeaways:
- Design experiences and offerings that connect to values, not just products.
- Recognise younger consumers are seeking satisfaction through meaning, not material accumulation.
- Use purchases to communicate lifestyle and purpose. Highlight the story behind the product or service.
- Consider human-centred, offline or experience-driven engagement to complement digital convenience.
Bring in timeless human drivers
As well as bringing these trends in consumer behaviour to the strategy table, the report also says we need to be tapping into five timeless human drivers:
- Belonging and identity – We seek connection to communities and causes that reflect our values.
- Trust and safety – Integrity, transparency and authenticity build customer trust.
- Convenience and value – Easy, efficient and affordable experiences drive buying decisions.
- Agency and personalisation – We want control over our choices while enjoying personalised experiences.
- Beauty and joy – Meaningful, beautiful experiences inspire and delight.
The long and short of it is: Innovate, yes, but stay human and authentic. By doing this, you can create strategies that resonate, build trust and drive future success.
Want to chat about how these consumer behaviour trends could impact your business? Reach out to your Maxim advisor or contact our team today.
