Digital distinction: Attracting and retaining a new breed of customer
- 90% of consumers exhibit deal-seeking behaviours and are re-evaluating purchasing choices.
- 73% of consumers are using promotional codes, cashback offers and rewards.
- 9 in 10 consumers say data security and user control are a must-have or nice-to-have, one of the highest-ranked essentials when purchasing.
How should consumer businesses respond when budget-conscious consumers are changing up how they shop and spend?
The emergence of a more value-driven consumer means heightened demands on each step of the customer journey.
The latest CommBank Consumer Insights Report shows that cost of living pressures are influencing consumer spending, saving, and shopping behaviours. Importantly, it pinpoints the technologies that can have a significant impact on attracting and retaining a new breed of consumer.
Get your copy of the report to learn more about how consumer needs are changing across a range of retail and hospitality categories.
About CommBank Consumer Insights
CommBank Consumer Insights is an exclusive, wide-ranging analysis of the Australian consumer. This edition focuses on understanding consumer attitudes, motivations and expectations of their experiences amid changes to the real and digital economy.
This edition is based on an online quantitative survey conducted by Fifth Quadrant on behalf of the Commonwealth Bank. The survey was conducted in May and June 2023 and was completed by 5,279 consumers of goods and services. Each respondent answered questions relating to one category where they had spent money in recent months, including:
Groceries and liquor (n=406), clothing & footwear (n=406), homewares and household appliances (n=408), consumer electronics and entertainment including books, games, music and media (n=404), recreational sporting and outdoor goods (n=407), motor vehicle parts and accessories (n=406), health and beauty products (n=406), hardware, DIY, building and garden supplies (n=407), personal care services including hairdressing, beauty and weight loss treatments (n=406), fast food and quick service restaurants (n=405), pubs and clubs (n=408), restaurants and cafes (n=407), and accommodation including hotels, motels and AirBnb (n=403). The sample was selected to ensure the results are nationally representative. All statistics and references to consumers in this report are based on the responses to the survey unless otherwise stated.
Things you should know:
The report has been published for general information purposes only. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances, if necessary, seek professional advice. The Bank believes that the information in the report is correct and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its compilation, but no representation or warranty, either expressed or implied, is made or provided as to accuracy, reliability or completeness of any statement made in the report. Any projections and forecasts are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. Different assumptions and estimates could result in materially different results. The report refers to data sourced from an online survey of 5,279 consumers. The survey was undertaken by Fifth Quadrant on behalf of the Commonwealth Bank. All analysis and views of future market conditions are solely those of the Commonwealth Bank.
To see how we protect your personal information, view our Group Privacy Statement by visiting commbank.com.au/privacy. By requesting this report through Octomedia, you are consenting to Commonwealth Bank receiving your personal information. Please note that Commonwealth Bank may contact you about their products and services.
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