Abstract
Introduction
This brief examines consumers' reactions to the recession, in particular how
Australians are re-evaluating their spending patterns and becoming more
value-conscious. In the utility market, we examine the extent to which
consumers have struggled to pay their utility bills, have looked to reduce
energy spend, or considered switching supplier since the global financial
crisis began.
Scope of this research
- Analysis of large-scale surveys of Australian households covering the
general impact of the recession and specific changes to their utility use
- Insight on consumer reactions to the global financial crisis in terms of
bill payment, energy reduction and review of their current energy supplier
Research and analysis highlights
Australian consumers have become increasingly price and value conscious
following the global economic downturn. Brand loyalties are under increasing
threat as shoppers, for example, increasingly embrace private label.
The energy sector has been less affected by the recession as customers
generally see their utility as being relatively competitive. However,
consumers are almost twice as likely to look elsewhere for a supplier if they
do not feel their existing supplier provides a competitively-priced service
relative to the market as a whole.
Consumers are keen to obtain value for money as well as receive immediate
benefits, seeking the latter through prompt payment discounts.
Key reasons to purchase this research
- Identify the impact of the recession on Australian energy consumers'
abilities to pay their bills
- Assess the likelihood of switching for power and gas consumers, and how
the recession has affected this
- Review methods being provided to customers to deliver more value for money
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