Due to a failing retail market, as well as companies like Amazon offering cheap deals from sources outside of the country, the Australian economy needs to focus on other ways to avoid an economic downturn. Focusing on an experience economy, which depends on enjoying experiences with friends and family, may be the way to go. People want to spend money going out and enjoying themselves. Businesses that focus on this economy can stay pertinent and successful.
- Weak retail trends across Australia suggest that spendthrift behavior is way down across the continent.
- Australia watchers say citizens are enthusiastic joiners of trends, including social media and its message of sharing with friends and family, even at the expense of owning things.
- Since buying for the sake of buying appears to be out, retailers will have to find a way to connect emotionally with Aussie consumers.
“Customers are more likely to share these experiences with their networks via photographs and check-ins on social networks than they are a product which can seem gauche in comparison.”