With retail sales figures dropping by 0.4 per centin December 2019 it is no doubt that there are significant changes occurring within the retail sector. The future for traditional retail is uncertain at best, with consumer behaviour and attitudes towards buying evolving. As noted by theABCthese declining figures are having significant effects on the economy citing it to be a contributor to the GDP figures. Though if we begin to explore the reasons behind the changes in consumer behaviour there may be a silver lining.
If we consider the current Australian bushfire crisis the push towards society contributing to a more sustainable future is paramount. There has been a strong movement develop to consume less and be more conscious with our buying habits and it would seem this idea has stuck. We are being encouraged to ask more questions before we make purchases, such as where was this made? Who made it? Does this brand value sustainability?
Alternatively, while retail sales are not looking promising statistics show the food and beverage industry revenues are on the rise, with many opting for dinner and drinks with friends over a new jacket or dress. With the traction that conscious sustainable living has had in the past year it is possible these retail figures will continue to change with many opting to support small businesses that align with their values.
With these shifts in consumer behaviour we need to start planning for a future where sustainability is key and try to understand how our small and Australian owned businesses can grow within this market.
What are you spending your money on in 2020?