Adult Australians are about to learn an invaluable lesson.
That is, bureaucratic authority is the most potent influence on their current and future lives, lifestyles, and expenditures.
THREE KEY CONSIDERATIONS
Little change in buying patterns and expectations can be expected because of the Federal election result.
None of the major political parties promised and promoted substantial change. Most participants in a series of focus groups conducted during the last week of the election campaign stated they expected more of the same.
Few had planned or budgeted for any substantial increase or difference in expenses because of, or immediately after, the elections.
References to, communications with, and recent or intended purchases because of online influencers were isolated and declining. People are not looking for guidance or recommendations. They are waiting for the return of (or reasons for) confidence. That is expected to take some months to emerge.
A reduction in official interest rates is expected, will be appreciated, and will, to some degree, determine expenditure or investment patterns.
Significantly, a sizeable minority of focus group participants expressed the contention that a minimum two-month lead-time will elapse before lower interest rates will influence their capacity, wishes and intentions to spend.
MEMO TO: MICHELLE BULLOCH
RESERVE BANK OF AUSTRALIA
Australians await your lead and influence.
By: Barry Urquhart – Consumer and Retail Analyst | Marketing Focus
BIO:
Barry Urquhart is a highly regarded market research and strategic planning consultant, recognised throughout Australasia for his insight, clarity, and thought leadership. A seasoned keynote speaker at premier conferences, Barry is also the acclaimed author of Serves You Right! And Service Please!, two of the region’s top-selling titles on customer service excellence.
Respected as a trusted voice in business strategy, Barry continues to lead influential workshops and development programs that help organisations drive sustainable growth, elevate service culture, and achieve competitive distinction.
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