Original article by Roy Morgan
Market Research Update – Page: Online : 4-Nov-20
There are 4.7 million NEO (new economic order) consumers in Australia, characterised by very high discretionary spending coupled with a forward-thinking mindset. This influential group of consumers is driving the consumer-led fast lane of Spirits sales. However, the price of premium Spirits is not the main consideration for these consumers. A distinctive mindset is just as important as money in identifying NEOs and understanding what they love. NEOs look for a complete experience. In Spirits as in their other purchases, they seek a narrative that combines artisanal authenticity with innovation, a product that is premiumised, not commoditised. Data from Roy Morgan Single Source shows that Spirits brands which can deliver this rich experience reap the rewards. By contrast, marketing premiumised Spirits by generation is a wasted effort. Roy Morgan data shows premium gin Bombay Sapphire became highly successful by appealing to the NEO mindset: over the past year, just 26% of Bombay Sapphire drinkers were Millennials, while 84% were NEOs & Aspiring NEOs – of all ages. This story is repeated across other Spirits brands.
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