The Australians are optimistic about the restoration of COVID-19. Fewer people say this will have a big impact on their personal finances, and most expect purchases to be delayed until the pandemic is over.
Audience Precision's new study, “COVID-19 – Marketers Action Plan,” looks at trends spanning generations from generation Z to boomers, as well as the 25% upper household income.
Gen Z are most likely to be ready to spend a lot of money once the pandemic in Australia is over, but have delayed their purchases until then, while Boomer has not significantly delayed purchases. Millennials are the most cautious and are becoming the wait and see generation.
However, all generations are less worried and more optimistic about COVID-19 than Britain and the United States.
Gen Z is least affected, along with boomers who also have the highest level of optimism.
Personal finance
Millennials are the least optimistic. 40% say COVID-19 will have a huge impact on their personal finances, the highest of all generations. Gen X was the second highest generation to say that COVID-19 will have a huge impact on their personal finances (38%), and 36% of the boomers believe the same.
"These are very encouraging signs for marketers, and this further underscores the need to be willing to take an increase in spending," said John La Rosa, head of business development at Audience Precision.
“It is important to start building the brand now to ensure that awareness is reached before the full conditions prior to COVID-19. Marketers need agile and quickly executable strategies to get more signs of rapid recovery. "
Mr. La Rosa emphasized: "A deep understanding of your consumers' wishes and needs will lead to repeat purchases and build long-term brand loyalty as we know they will choose brands based on past experiences."
Delays in the purchase category
When asked what purchases were willing to delay generations, the following was found:
Gen Z: Technology articles, luxury articles, clothing, flights and concert tickets.
Millennials: Cars, household appliances, clothing, event tickets, luxury items.
Gen X: Everyday objects, vacation, concert tickets, cars, furnishings, technology and smartphones.
Boomer: Everyday objects, vacation, flights, sporting events, concert tickets.
Among the top 25% of income, vacation, flights, cars, luxury goods, and home appliances were the top 5 categories most likely to be delayed.
Purchase category priorities according to COVID-19
In terms of higher-priced items, the top 5 categories that every generation and top income band will buy first:
Gen Z: Clothing, smartphone, home appliances, luxury goods and smart devices.
Millennials: Clothing, technology, smartphone, home textiles and smart devices.
Gen X: Clothing, household appliances, furnishings, technology and smartphones.
Boomer: Household appliances, clothing, household, furnishings, technology and smartphone.
Top 25% income band: Clothing, household appliances, technology, home textiles and smartphones.
