CONSUMER BEHAVIOR – AUSTRALIA

Millennials and Gen Z greatest growth potential for general insurance

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-May-18

A Roy Morgan Single Source survey has found that 40.9% of Generation Z and 79.9% of Millennials had any type of general insurance in the year to March 2018. This compares with Baby Boomers (93.0%), Pre-Boomers (91.3%) and Gen X (90.6%). These older age groups are close to saturation with general insurance, leaving the major future growth potential with Millennials and Gen Z. The survey also shows that Gen X currently accounts for 29.5% of the value of the annual domestic general insurance premium market, followed by Baby Boomers with 28.1%. These two generations combined account for 57.6% of the current total estimated annual premium value of $23.3b for this market. Although Millennials account for 23.1% of the total premium value, their general insurance penetration of only 79.9% leaves a large market opportunity as their needs grow over the next decade. Gen Z currently accounts for only 7.4% of market value but with an overall general insurance penetration of only 40.9% there is a great growth opportunity in coming years.

CORPORATES
ROY MORGAN LIMITED

Over 250,000 didn’t renew private health insurance

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Original article by Roy Morgan
Market Research Update – Page: Online : 15-May-18

A Roy Morgan Single Source survey shows that an estimated 256,000 Australians aged 14+ decided not to renew their private health insurance in the year to March 2018. This compares with 182,000 in the year to March 2017, making it the highest number for the last five years. Some 53.3% of consumers said the main reason for dropping out of health insurance was because it was "too expensive", up from 47.1% in the previous year; this was followed by "too much out of pocket expense", citied by 19.1% of consumers, up from 12.8% in 2017. An analysis of the individual major health funds shows that cost ("too expensive") is generally the main reason for each that members do not renew.

CORPORATES
ROY MORGAN LIMITED

Young Women the Queens of social media in Australia

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-May-18

A Roy Morgan Single Source survey has found that the average Australian aged 14+ spends almost six hours per week on social media. However, women of all ages are spending more time on social media than their similarly aged male peers. The survey, which was carried out in the year to March 2018, shows that women in general spend an average of 391 minutes per week on social media, compared with an average of 287 minutes per week for men. Women aged 14-24 are the most prolific users of social media, at 822 minutes per week, which is an average of almost two hours per day.

CORPORATES
ROY MORGAN LIMITED, FACEBOOK INCORPORATED, TWITTER INCORPORATED, GOOGLE+, INSTAGRAM LLC, LINKEDIN CORPORATION, YOUTUBE INCORPORATED, WHATSAPP INCORPORATED, TUMBLR INCORPORATED

Top 20 sports led by walking, swimming and gym training

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-May-18

A Roy Morgan Single Source survey shows that 47.9% of Australians aged +14 walked for exercise in the year to December 2017, an increase of 2.6 per cent since 2014. This is followed by gym/weight training (15.4%), jogging (10.1%), swimming (9.7%) and cycling (5.8%). Meanwhile, 47.7% of kids aged six to 13 regularly go swimming, ahead of playing soccer (45.7%), cycling (37.4%) and basketball (33.0%). The survey shows that Australian kids are far more likely to participate regularly in sporting activities than older Australians. Aussie kids are nearly five times as likely to swim regularly and over six times as likely to cycle. The starkest difference is for regular participation in soccer, which kids are over 15 times more likely to play than adults.

CORPORATES
ROY MORGAN LIMITED

The way Australians bank

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-May-18

A Roy Morgan Single Source survey shows that ATMs remain the most used banking channel in Australia, with 83.4% of Australians aged 14+ using an ATM in the year to March (down 0.8%). Internet Banking is the second most used banking channel, with 54.2% using Internet Banking in the last 12 months (down 2.0%). The rapid increase in the use of mobile banking, with its higher satisfaction levels compared to branches, appears to have affected the number who use it compared to visiting a branch. Mobile banking usage is at 46.5% (up 3.1%), beating visiting a branch at 45.1% (down 3.5%). Phone Banking also saw an increase on 2017, with 24.1% of Australians aged 14+ using Phone Banking (up 1.6%).

CORPORATES
ROY MORGAN LIMITED

Optus subscriber growth powered by EPL coverage

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-May-18

A Roy Morgan Single Source survey shows that 20.9% of Australians aged 14+ used Optus as their main mobile phone service provider in the year to March 2018, compared with 19.8% in the year to March 2015. The number of Optus subscribers who watch the English Premier League either regularly or occasionally on TV has risen from 19.8% to 23.8% over this period. Meanwhile, 12.2% of Australians now use Optus as their fixed broadband service provider, up from 9.3% three years ago, while 15.5 % of Australians who watch the English Premier League either regularly or occasionally now use Optus fixed broadband, up from 10.8% three years ago. Optus signed a three-year broadcast deal for the Australian rights to the English Premier League in late 2015 for $A63 million per year, and it recently renewed the deal for a further three years.

CORPORATES
ROY MORGAN LIMITED, SINGTEL OPTUS PTY LTD, ENGLISH PREMIER LEAGUE

Melbourne way ahead of Sydney as Airbnb hub

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-May-18

A Roy Morgan Single Source survey shows that 10.4% of Australians who travelled in the year to March 2018 stayed in rented houses or rented serviced apartments. Some 11.6% of people who visited Melbourne on their last trip stayed in either rented houses or rented serviced apartments, up 3% on a decade ago. In comparison, only 8.5% of people who visited Sydney on their last trip stayed in such accommodation, up 1.3% on 10 years ago. Roy Morgan executive chairman and Melbourne Lord Mayor candidate Gary Morgan says Melbourne has seen a huge surge in apartments being used for Airbnb short-term accommodation over the last decade, and this has cut the value of apartments. Morgan says that as Lord Mayor he will ask the State Government to prevent apartments being used (and vandalised) by short-term visitors that downgrades the value of apartments and leads to a poorer overall amenity for the city and for residents in Melbourne.

CORPORATES
ROY MORGAN LIMITED, AIRBNB AUSTRALIA PTY LTD

CGU, RACV and CBA have most loyal general insurance customers

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-May-18

A Roy Morgan Single Source survey shows that 77.5% of Australians aged +14 with general insurance do not approach any other company when renewing their policy. An additional 14.8% approach another company but do not change their policy. The survey, which was carried out in the year to March 2018, also shows that the most loyal customers, based on the proportion of policy holders that renew without approaching another company, are with CGU (85.0%), RACV (82.8%) and CBA (82.6%). The least loyal are GIO (69.0%) and AAMI (72.7%).

CORPORATES
ROY MORGAN LIMITED, CGU INSURANCE AUSTRALIA LIMITED, RACV INSURANCE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, GIO AUSTRALIA LIMITED, AUSTRALIAN ASSOCIATED MOTOR INSURERS LIMITED, RACQ INSURANCE LIMITED, SUNCORP GROUP LIMITED – ASX SUN

SUVs gaining popularity as new car buying intention softens

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Original article by Roy Morgan
Market Research Update – Page: Online : 30-Apr-18

A Roy Morgan Single Source Survey, which was carried out in February 2018, shows that 2.23 million Australians aged +14 intend to purchase a new vehicle in the next four years. This is just below the same period in 2017 (2.55 million), the current record for intention to purchase a new vehicle. The number of Australians who intend to buy a new vehicle in the next 12 months has fallen by 90,000 in the last year, to 587,000. The survey also shows that 623,000 Australians intend to buy a new SUV/4FWD, five seater within the next four years, up 156,000 compared to the same period in 2017. Meanwhile, 483,000 Australians intend to by a four-door sedan in the next four years (down 109,000) and 319,000 intend to by a five-door car (down 180,000).

CORPORATES
ROY MORGAN LIMITED

Pokies still the King of gambling in Australia

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Original article by Roy Morgan
Market Research Update – Page: Online : 30-Apr-18

The Roy Morgan Gambling Currency Reports show that poker machines (including online) account for 56.7% of all the dollars gambled in Australia. Meanwhile, 20.7% of the gambling dollar is spend on all forms of betting, including sports betting (5.2%) and horse racing, harness racing and greyhounds (15.5%). Lottery/Scratch tickets make up a further 14.2% of Australia’s gambling dollars, followed by Casino table games (including online) at 5.0% and Keno at 3.4%. Roy Morgan CEO Michele Levine notes that more than 2.7 million Australians aged 18+ (14.2%) use a poker machine in an average three months, significantly higher than the two million Australians (10.5%) who place a bet on a horse race, harness race, greyhounds or sporting event.

CORPORATES
ROY MORGAN LIMITED