By Amy Looker and Shane T. Williams in Perth
The Australian Liquor Stores Association (ALSA) conference has continued in Perth this week, with delegates hearing from Nielsen’s executive director for consumer and business intelligence, Michael Walton, yesterday (Aug 30).
Walton revealed Nielsen’s research on the current mood of the consumer to delegates, who will be able to take these insights away to apply to their own retail liquor businesses.
According to Walton, the top seven consumer concerns are the rising costs of utility prices, the rising cost of food, particularly fruit and vegetables, maintaining a work/life balance, health, the economy, debt and the rising cost of fuel.
He also said that consumers are focused on saving money and while they still have discretionary spend, the money is being spent elsewhere.
“Consumer indicators are not in our favour, but 2011 is likely to hold steady with 0.75 to 1.25 percent annualised value growth,” Walton told delegates.
“The biggest danger for the retail liquor industry lies in you and your supplier response. Focus on the big brand stories because they resonate with the consumer and make sure you understand your local customers and their needs,” Walton advised.
Click on the video below to hear Michael Walton reveal some of the success stories in the liquor industry over the past year.