Changing consumer behaviour sees sales of one product more than double
COVID-19 travel restrictions are causing Australians to spend up big on luxury brands.
Barry Urquhart from Marketing Focus told George Moore the changing consumer behaviour is a complete reversal of where trends were heading pre-pandemic.
“For the last 15 years, people have been moving from buying products to experiences.
“All of a sudden with the onset of the pandemic crisis people are moving away from experiences… to buying physical merchandise.”
Mr Urquhart said because there’s “less distractions and less discretionary purchases” people are opting to splash out on the more expensive products.
This trend has also seen a massive boom in luxury car, caravan, and even bike sales.
“Bicycle sales have increased by over 200 percent, and they’re top end of the market.
“Because people are saying ‘I’m home, I’ve got plenty of time on my hands… I want to cycle, I want sanity, and I want relief’.”
Click PLAY below for the full interview