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The Global Economic Crisis and Impact on the Australian Utilities Consumer
Datamonitor, Aug 2009, Pages: 20
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
- 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
Highlights of this title
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 title
- 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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