- Research was faciltiated by CommBank Rewards
- 89% of those with children have singled their preference to buy locally
- Comes as retail growth rebounded strongly last year
85% of Australians have stated their intention to buy from local businesses and brands in research facilitated by CommBank Rewards, the rewards program division of the Commonwealth Bank (CBA).
In particular, cohorts such as 89% of those with children, 88% of females and 87% of Generation Y (23-34 years old) have overwhelmingly singled their commitment to buying and shopping locally.
Kate Crous, CBA Executive General Manager, said that given the pandemic she found it encouraging that many consumers are choosing local brands in what she describes as a ‘sign of mateship’.
“Australians are not only throwing their support behind local choices, they also want to shop smart, with many people showing a clear trend for deals and savings when shopping. The research shows Australians are sensible spenders with 46% of people regularly hunting for deals, cashback or reward points.”
Kate Crous, CBA Executive General Manager
The research also revealed that Generation Y was the thriftiest age cohort with 61% of these consumers regularly shopping for deals, closely followed by both Generation Z (18-22 years old) and Generation X (35-49 years old) at 50% each.
Only 26% of Grey Generation (aged 65 plus) said they are regularly on the lookout for deals.
The findings come after CBA announced in December members of its loyalty program had received $1.8 million in cashback deals that supported 24,000 local cafes and restaurants through online food and beverage ordering app Menulog.
“We can really see the Aussie spirit coming through as customers rally behind their local cafes and restaurants,” Ms Crous said at the time.
The survey findings are likely to boost optimism for many in the retail sector.
CBRE has already forecasted a strong rebound in retail trade growth for the first half of this year, which it says will be significant enough to offset the drop in sales last year many brick-and-mortar retailers witnessed.
Charter Hall also recently reported pleasing results from high performing local shopping centres.
This article originally stated “89% of children” as opposed to “89% of those with children” – this was an error and has been changed since publication.