Australians are set to change their shopping habits forever as a result of .
Even as business shutdowns are eased in coming weeks and months, consumers are set to shun status-symbol items and buy more Australian-made goods.
Almost half, or 45 per cent, of Australians surveyed (BCG) said they would reduce spending on luxury brands and products even after the COVID-19 pandemic had ended.
More than two-thirds, or 70 per cent, of the 1,000 respondents expected to reduce their travel spending, with Prime Minister last month declaring overseas travel beyond would be unlikely ‘anytime soon’.
The prospect of a recession in 2020, for the first time in 29 years, saw half of all Australians in the BCG survey slash their spending in April, with a similar number declaring they would ‘expect their spending to decrease significantly over the next 12 months’.
Almost half, or 45 per cent, ai solutions of Australians surveyed by the Boston Consulting Group said they would reduce spending on luxury brands and products even after the COVID-19 pandemic had ended.
Pictured are customers outside a Louis Vuitton fashion store in downtown Sydney on May 3, 2020
Despite being frugal, consumers are also more determined to buy Australian-made goods, even if they cost more than imports from Asia.
<div class="art-ins mol-factbox floatRHS news" data-version="2" id="mol-bfef8060-9002-11ea-8660-1786c1742c68" website coronavirus will change Australia's shopping habits forever