consumer & retail
creating success for tomorrow
The industry
The Australian Bureau of Statistics predicts that Australia’s population could reach around 30 million people by 2031, an increase of around 3.5 million people from the estimated population of 26.5 million in 2023.
This has implications for policy makers, businesses, and retailers, who will need to adapt to changing demographic and behavioural trends in order to meet the needs and expectations of the population.
Key trends shaping the future of the population include:
1
Ageing Population
Australia’s population is ageing, with a growing proportion of the population aged 65 years and over. This trend is expected to continue over the next 10 years and therefore has significant implications for areas such as healthcare, aged care, and the labour market
2
Cultural Diversity
Australia is becoming increasingly diverse, with immigration continuing to be a major driver of population growth
3
Education and Employment
The level of education and employment is expected to increase, with more people obtaining higher education qualifications and participating in the labour market. This has implications for areas such as skills development, workforce participation, and economic growth
4
Technology
The adoption of technology is showing no signs of slowing down, and businesses that want to remain competitive in today’s digital landscape will need to continue to adapt and innovate in order to meet the evolving needs and expectations of their customers
5
Social and Environment
Consumers are becoming more socially and environmentally conscious and are seeking products and services that align with their values. This has led to a growing demand for sustainable and ethically sourced products, as well as a greater emphasis on transparency and accountability in business practices
Get ahead of these trends.
Contact Fifth Quadrant.
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