Nichola Quail CEO and Founder of Insights Exchange has been studying demographics and behaviour trends for over two decades. Insights Exchange’s global team of specialist researchers has produced the seminal Australia 2030 report which uncovered 5 key demographic shifts that will inform marketing and product development efforts for the next five to ten years:
- The decline of the nuclear family
- Kidults – kids not leaving the nest
- Homeless – the quarter acre Australian dream out of reach for Urban Millenials
- Silver Tsunami – not receding anytime soon
- Diversity and Sustainability – key drivers of purchase for future consumers.
Who are researchers globally attracted to working with Insights Exchange?
We are increasingly working with researchers overseas who are attracted to the flexible and global model of Insights Exchange. We provide researchers in US, Hong Kong, South Africa and the UK and opportunity to collaborate with researchers across the world, learn how other cultures perceive a product/service and share different perspectives. Our cloud-based model using the latest research technology, means that real time collaboration is easy and convenient for researchers. They also learn and are exposed to tech they may not have been aware of or used before.
Why is there an increasing demand internationally for Australian and NZ research services?
Like other home-grown businesses, the research talent within Australia and NZ is world class and can easily compete with researchers in larger markets i.e. US and UK. Cost of research tends to be lower here and this is amplified by the purchasing power of the Australian/NZ dollar. We can also help research be delivered in a 24 hour turnaround by taking advantage of different time zones.
How has the power of partnerships contributed to the growth of Insights Exchange and what are some examples?
We are a strong believer in partnerships and feel they are highly effective in accelerating growth through collaboration and enhanced sales & distribution channels. Our partnership with ASX-listed panel provider Pureprofile is an example of this, where we work closely together in delivering a streamlined, end to end service to clients but each staying in our own lane and doing what we do well. We understand each other’s ‘ways of working’ and our teams work together with shared goals and culture fit.
What did you and Pureprofile uncover in the Australia 2030 report and how does this demographic data help companies make decisions?
The Australia 2030 report based on a national online survey of 1700 Australians, reinforced global demographic trends but enabled us to highlight these with an Australian lens. In the next 5-10 years, the traditional household structure is going to be surpassed by more fluid definitions of family, due to couples having children at a later age and millennials being unable to afford to buy property.
“Only one in four (24%) people define themselves as being a family with dependent children, yet this remains the dominant portrayal of households in advertising. Australian households are becoming much more fluid, with adult children living in the family home well into their thirties. 14% of 25-29 year olds and 12% of 30-34 year olds still live with their parents. You essentially have four adults living under one roof operating more like flatmates with economic benefits.”
Demographic data enables brands to plan ahead with produce or service development to ensure they remain relevant for the future consumer population and how we live. If fewer people are buying a house anymore – how does Bunnings adapt its offering for lifelong renters? What does the grocery buyer journey look like for a Mum with 2 adults kids still at home? It’s these questions and more that brands and businesses need to consider rather than spending all their time on how many clicks or views their recent campaign got.
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