Gen Y doesn’t care where it’s made
According to a recent study, Generation Y places considerably less value on buying Australian-made goods.
The Retailer and Shopper Insight study, conducted by market researcher TNS, found the importance placed on buying Australian-made decreased based on the participants generational age.
48% of Gen Y Australians state they ‘always try to buy Australian-made products’, said Chris Kirby, TNS’ director of consumer research, significantly lower than older generations. According to the study, 55% of Gen X and above ‘always try to buy Australian-made products’.
“The older generation of the ‘True Believers’ (aged 60 to 78 years) are the most ardent supporters of home-grown goods, with 69% stating they always try to buy Australian made,” explained Kirby.
The report indicated that across all generations the average Australian always tries to buy Australian-made products 53% of the time.
The study also found an inverse effect in terms of buying supermarket’s own brand products. The popularity of these products is rising, with 13% of Australian’s now buying them out of preference, juxtaposed with 2% not willing to buy them. One-third of Australian consumers buy own brand products as frequently as branded and 54% of Australian shoppers expect to buy more own brand products in the future.
“Our Retail and Shopper Insight study found that 57% of shoppers state price to be the most important factor when purchasing… While this may be true on the surface, the study [also] found that the underlying factor most powerful in the shopper’s decision-making process is the perceived value for money,” said Kirby.
“Encouragingly for retailers, it is more about the bang consumers are getting for their buck rather than simply the lowest price.”