Only occasionally in history do massive demographic changes combine with huge social shifts, ongoing generational transitions and unprecedented technological innovation so that within the span of a decade society altogether alters. Australia is currently in the midst of one such transformation.
Of the changes highlighted in the report that are of importance to venues currently preparing or updating 5 year and 10 year plans are:
- A changing demographic identity – Since the turn of the millennium, net overseas migration has accounted for 57% of Australia’s population growth. Cultural diversity is likely to continue growing with impacts including increasing linguistic diversity driving a change in communication with both staff and customers.
- An aging population – Since 1971 Australia’s median age (27 years) has increased by 10 years to 37 and is projected to be 39 by 2031. This is a benefit for gaming venues – the older they get the more money and time available.
- Increased life expectancy – The current life expectancy of 80, when averaged across males and females, is projected to continue rising
- Financial health – Most Australians do not have much saved up for a rainy day. More than half of Australians (53%) have $5,000 or less in their savings account right now.
- Retirement – Just one quarter of Australians (24%) over the age of 18 feel extremely or very financially prepared for retirement. Generation X are the least likely to feel financially prepared at just 16%. This is notable as the oldest of Gen X will be approaching retirement age by 2031.
- The rise of the regions – Looking to the future, the focus on Australia’s regions is rising with three in five Australians who don’t currently live in a regional area (60%) having considered moving to one. Time to buy that country pub?!
- Younger Australians driving the rise of the regions – Younger Australians are more likely than their older counterparts to be attracted to the idea of moving away from the city but retaining a city job (59% Gen Z, 56% Gen Y cf. 46% Gen X, 19% Baby Boomers, 13% Builders).
- The return to local – Australians have an increasing desire for a strong local community, with more than half (53%) valuing this more now than three years ago. The preference for local is likely related to the increasing desire for walkable communities, with 58% of Australians valuing a walkable community.
- A cashless society – Almost seven in ten Australians (69%) agree Australia will be a cashless society by 2031. The data supports this growing trend, with the number of card payments 2.4 times what it was just a decade ago. In 2007 69% of payments were made in cash, while today, cash is used for just 27% of consumer payments.
To delve into more of the detail, insights and tips from McCrindle you can download the full copy of the report for free here >>>> www.mccrindle.com.au/australia-towards-2031/