CONSUMER BEHAVIOR – AUSTRALIA

Age of intending retirees increasing

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Mar-18

A Roy Morgan Single Source survey, which was carried out in the year to December 2017, has found that the average age of Australians intending to retire in the next 12 months is 61.9 years, up from 58.2 years over the last three years. Despite this increase in the average age of intending retirees, their number continues to increase and is currently 415,000, up from 392,000 in 2014 and 326,000 in 2008. The survey also shows that since 2008, the average age of females who intend to retire has increased by 6.3 years to 61.3 years, while males showed an increase of only 2.9 years to 62.0 years. This more rapid increase in retirement age for females is likely to be at least partly as a result of the increasing awareness that they generally have a lower level of retirement funding than males and as a result they need to work longer.

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ROY MORGAN LIMITED

Favourable attitudes toward private health insurance

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Mar-18

A Roy Morgan Single Source survey has found that Australians aged +14 with private health insurance have generally positive attitudes towards the industry. Some 71.3% of private health insurance fund members agree with the statement that "it gives me peace of mind", while 74.3% agree that "It’s knowing that you’ll cover the cost of big medical expenses" and 60.7% say "It’s essential to have". In addition to these major positive attitudes, there are some areas of concerns: 43.9% agree that "It is difficult to understand what you are covered for" and 23.3% agree that "I want the cheapest and don’t care provider". Meanwhile, millennials are well above average in agreeing to issues that relate to the cost of private health insurance.

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ROY MORGAN LIMITED

2.5 million car insurance policies at risk of switching

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Feb-18

A Roy Morgan Single Source survey has found that more than one in five (2.54 million) Australians aged 14+ with comprehensive car insurance either changed companies or renewed with the same company after approaching others in the year to December 2017. This represents an increase of nearly 400,000 over the last four years. The survey also shows that 78.5% of comprehensive car insurance policies were automatically renewed without holders approaching another company, compared with 80.9% in 2013. Meanwhile, the proportion of comprehensive policy holders who approach another company before they renew with their existing company has increased from 12.1% in 2013 to 15.5% in 2017.

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ROY MORGAN LIMITED

Women falling behind in professional super advice

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Feb-18

A Roy Morgan Single Source survey has found that 11.3% of Australian women purchase their superannuation through a "professional", compared to 14.4% of men. The survey also shows that just 68.8% of women have super, compared to 73.6% of men, while the average super balance for women is $133,000, which is only 71.9% of the male average ($185,000). Given that women have much lower superannuation balances than men, there is considerable potential to close the gap if they were able to make greater use of professional advisors such as financial planners, accountants and stockbrokers

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ROY MORGAN LIMITED

Holiday intention increasing with domestic leading

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Feb-18

A Roy Morgan Single Source shows that the proportion of Australians aged 14+ who intend to take a holiday in the next 12 months rose to 70% in the December 2017 quarter. This compares with 68 per cent in the three months to December 2016. The survey also shows that the proportion of Australians who intend to take a domestic holiday in the next 12 months has risen from 52% to 54%, while overseas holiday intention is the same as it was a year ago (11%). Meanwhile, analysis using Roy Morgan’s Helix Personas consumer-profiling tool shows that the highly ambitious and well earning, socially aware Young and Platinum Persona is most likely to be planning a holiday in the next 12 months, while people from the Persona known as Strugglestreet are the least likely group to have any kind of holiday plans in the pipeline.

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ROY MORGAN LIMITED

New vehicle buying intentions up 142,000

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Feb-18

A Roy Morgan Single Source survey, which was carried out in the three months to November 2017, shows that 2.38 million Australians aged 14+ intend to purchase a new vehicle in the next four years. This is an increase of 142,000 over the same period in 2016, and has left intentions only marginally lower than the 15-year high recorded in February 2017. The survey also shows that new vehicle intenders continue to have a much higher level of consumer confidence than the population average. Over the November quarter, the consumer confidence for all Australians was 114.1, whereas those intending to purchase a new vehicle in the next four years had a much higher level with 122.8. In addition to four-year vehicle buying intentions being close to record levels, one-year intentions are up by 13,000 (2.2%) over the same period in 2016 to be currently on 615,000. Those intending to purchase in the next 12 months also had higher-than-average consumer confidence.

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ROY MORGAN LIMITED

Online sales of life insurance grow to 349,000

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Original article by Roy Morgan
Market Research Update – Page: Online : 22-Jan-18

A Roy Morgan Single Source survey shows that the proportion of Australians aged 18+ who buy life insurance online has grown from 4.6% in 2012 (168,000 policies) to 10.8% in 2017 (349,000). This represents growth of 108% in policies over the last five years. This growth rate is the highest of all channels used to obtain life insurance. The survey, which was conducted in the year to November, also shows that 24.7% of life insurance policies have been obtained by telephoning insurance companies directly, closely followed by using an employer (23.9%). However, the trend over the last five years shows that going direct by telephone is down from 26.0% to 24.7%. On the other hand, the proportion obtaining life insurance through employers has increased from 18.5% to 23.9% over the last five years.

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ROY MORGAN LIMITED

Cheap and fast NBN service attracts broadband switchers

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

A Roy Morgan Single Source survey has found that 15% of Australian households that now have an NBN connection at home either switched to the NBN or switched their NBN fixed broadband service provider in the last 12 months. Some 53.7% of decision makers – those who are considered to be the decision makers in their household when it comes to technology – cited "cheaper rates" as the reason for choosing the new plan in the six months to September 2017, almost double the rate of a year ago (26.9%) and far higher than existing fixed broadband users (28.9%). Fixed broadband decision makers making the switch to a new NBN Service Provider in the last year were also far more likely than a year ago to mention faster data connection/download speeds (31.6% cf. 17.8%) and clear pricing of the plan (29.5% cf. 22.3%). Meanwhile, decision makers that switched to an ADSL or Cable fixed broadband service provider were also just as likely to choose based on faster connection and download speeds (30.5% cf. 31.6% for NBN) although clearly less likely to nominate cheaper rates (38.8% cf. 53.7% for NBN) or clear pricing of the plan (24.2% cf. 29.5% for NBN).

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ROY MORGAN LIMITED

Uber soars and well-placed to tackle rising competition

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

A Roy Morgan Single Source survey has found that nearly 3.7 million Australians 14+ (18.4% of the population) travelled by Uber in the last three months. The strongest percentage growth of Uber users since 2015 has been among those aged 35+, although all age groups have experienced incredible growth. However, 58.7% of Uber users are still aged under 35 – either 14-24 (25.1%) or 25-34 (33.6%) with a further 23.4% aged 35-49 and 17.9% aged 50+. These proportions represent a significant percentage change from 2015, when over three-quarters of Uber travellers were aged under 35. Meanwhile, the growth of Uber, and the entry of new ride-hailing apps, has had a definite impact on the level of taxi patronage around Australia, although Western Australia is the only State in which more residents have travelled by Uber in the last three months (23.9%) than via a taxi (19.6%) – also the lowest rate of taxi patronage in the nation.

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ROY MORGAN LIMITED, UBER AUSTRALIA PTY LTD

New vehicle buying intentions up in September for the fourth consecutive month

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Original article by Roy Morgan
Market Research Update – Page: Online : 4-Dec-17

A Roy Morgan Single Source survey has found that 2.491 million Australians aged 14+ intend to purchase a new car in the next four years. This is an increase of 184,000 intenders over the last four months. The big improvement has left new vehicle intentions only marginally lower than the 15-year high recorded in February 2017. In addition to four-year vehicle buying intentions being close to record levels, one-year intentions are up by 14,000 (1.5%) over the same period in 2016 to be currently on 626,000. A major driver of increased intentions over the next four years is that intenders have a much higher level of consumer confidence than the population average. Over the September quarter, the consumer confidence level for all Australians was 113.3, whereas those intending to purchase a new vehicle in the next four years had a confidence level of 121.8. Those intending to purchase in the next twelve months also had higher than average confidence (120.9).

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ROY MORGAN LIMITED