Retail Market in Australia 2016-2020
About Retail Market in Australia
The retail market in Australia has been witnessing high growth over the past few years and shaping up to be one of the top competitive markets at a global level. As boundaries of global retail falls, the Australian consumers are becoming more sophisticated and demanding, there are positive signs to be optimistic about the opportunities being created in the changing market.
Technavio’s analysts forecast the retail in Australia to grow at a CAGR of 2.39% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the retail in Australia for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of products in the residential segment.
The market is divided into the following segments based on product:
Technavio Announces the Publication of its Research Report – Retail in Australia 2016-2020
Technavio recognizes the following companies as the key players in the retail in Australia: ALDI Stores, JB Hi-Fi, Metcash, Woolworths, and Wesfarmers.
Commenting on the report, an analyst from Technavio’s team said: “The growing organised retail format and the preference of big box retail format stands as one of the key trends witnessed in the Saudi retail market. The major beneficiaries of the spending spree will be the organized, large retail formats like supermarkets and hypermarkets, which is expected to capture an increasing share of the retail sector pie due to changing consumer preferences. The report also notes that shopping habits in the Kingdom are changing and moving closer to a western lifestyle.”
According to the report, one of the key drivers for market growth will be growth in tourism boosting the retail market. The influx of tourists has played a major role in the development of the market. Tourists from Saudi Arabia are the world’s biggest spenders when they head abroad, splashing more £14bn every year, according to government figures. The wealthy Gulf country says at least 4.5 million Saudi tourists take at least one holiday each year and they spend as much as six times as Western holidaymakers. The 2.5 million pilgrims performing Haj each year (with many others visiting Saudi Arabia to perform Umrah during other times of the year) provides a major boost to the Saudi retail market.
Further, the report states that the home appliances market in the Europe is highly competitive and fragmented due to the presence of both international and local players operating across the country. With the rising competition, vendors are bringing in innovative products to meet the changing consumer demands and to increase their customer base. The competition is expected to intensify during the forecast period, with the entry of several new players, price wars, and mergers and acquisitions. Technological advancement and rise of smart appliances will play a key role in the growth of the market in the coming years. However, the high penetration and the durability will play a key factor and can act as a market challenge.
ALDI Stores, JB Hi-Fi, Metcash, Woolworths, and Wesfarmers.