AUSTRALIANS turned to retail therapy to counter feelings of loneliness or to stave off boredom and anxiety caused by the COVID-19 lockdowns, a new report by Monash University researchers has found.

As the pandemic restrictions adversely affected the mental health of many Australians, research by Monash Business School’s Australian Consumer and Retail Studies (ACRS) node found people turned to their wallets to help them cope during those uncertain times.

Findings of the latest report, found more than two-thirds of Aussie shoppers felt moderately to a great deal happy, in control and experienced a level of normalcy when shopping for non-grocery products.

More than 55 percent of shoppers said they did not feel lonely, stressed or bored while shopping for non-grocery retail products.

This year, Aussies bought the most of clothing, footwear and accessories (59%); homeware and hardware (45%); and personal care products, such as cosmetics and baby care (37%).

A higher proportion of women made purchases in clothing, footwear, and accessories (70% to 48% men) and personal care (48% to 25% men).

Unsurprisingly, at the supermarket checkout, Aussies stocked up big on toilet paper, tissues and paper towels (14%); pasta and noodles (13%); cleaning supplies (12%); frozen foods (11%) and sanitisers and soaps (10%). The biggest stocked piled grocery items were canned goods and soups (15%).

And while delivery timings of online purchases were a pain-point in 2020, with 38 percent of shoppers reporting that delivery times were worse than the previous year, overall the retail experience of online shopping was viewed as being better than the previous year (25%) and so too was customer service online (21%).

To understand the effect COVID-19 has had on the retail industry and Australian shoppers, Monash Business School’s Australian Consumer and Retail Studies (ACRS) has been conducting a monthly shopper pulse survey since September 2020.\

The report, containing feedback from nearly 5,000 shoppers across Australia, highlights the fluctuating retail trends and the out-of-the-ordinary purchases made on certain products because of the COVID-19 pandemic.

“Those surveyed said they rushed to the shops to stock up on those goods because they wanted to ensure their family/household was taken care of, they expected disruptions to supply chains, and they expected to spend more time at home and wanted appropriate products,” Stephanie Atto, principal research consultant at the ACRS, said.

“Similarly, Australians also made a number of out-of-the-ordinary purchases because of COVID-19, including casual/loungewear (12%), sports clothing and shoes (8%); face/body care (9%) and haircare (7%); as well as household items for cooking and baking (7% and 6% respectively) and drinks appliances, such as coffee makers (6%).”

Aussies also binged on subscriptions to online movies and TV platforms, such as Netflix, Disney+ and Stan (8%), bought new laptops/tablets (7%) and smartphones (6%), and stocked up the home gym with weights and exercise balls (5%).

However, shoppers were most concerned about being COVID-safe while shopping in store for essential items.

Shoppers agreed that most retailers introduced appropriate safety measures (84%), acted in the interests of their customers (77%), and made it convenient for customers to shop with them (76%).

As small businesses struggled and many closed their doors, shoppers said they would do what they could to support the Australian retail industry, with many expected to shop more for products that are locally produced (61%).

Aussies are also expected to be more conservative with their spending (58%) and will seek out sales or special deals (66%) in the future.

“Although we can’t know exactly what the next year will bring, this year has demonstrated the need for a seamless connection between the physical store, online offerings and improved technology integration into the retail experience. We can also expect some of the shopping behaviours that have changed this year to continue into the future,” Ms Atto said.

To read the more detailed article, visit Monash Business School’s Impact.

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THE Australian Parliament’s Agriculture and Water Resources Committee has published its report Growing Australia: Inquiry into growing Australian agriculture to $100 billion by 2030.

The committee’s inquiry considered how the Australian agriculture could reach the target set by the National Farmers’ Federation to grow the sector to a farmgate value of $100 billion by 2030.

The Committee Chair, Rick Wilson MP, described this target as ambitious but achievable and noted that "Australian producers have a strong track record of taking advantage of economic opportunities and delivering productivity growth over the long-term.

"Australian farmers have consistently identified and embraced new technologies and techniques that can improve their businesses. This innovative mindset makes our producers well placed to benefit from the digital technologies that are rapidly becoming central to the process of farming," Mr Wilson said.

Mr Wilson also highlighted the importance of exports to the sector, stating,  "There is perhaps no issue that will affect the trajectory of Australian agriculture more than our ability to expand and diversify our export markets.

"The quality of Australian produce is recognised globally, and to take advantage of this reputation we must continually look for opportunities to expand into new markets, as well as seek productivity improvements that allow our producers to remain ahead of the game in competitive international markets," Mr Wilson added.

The report includes recommendations aimed at promoting adoption of innovative new technologies, developing a national biosecurity strategy, increasing export market access for Australian producers, and attracting young people to undertake a career in agriculture.

The report can be found at the inquiry website.

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THE Australian Workers’ Union (AWU) has welcomed the Federal Government’s support package for Australia’s fuel refineries and has called for BP to be pulled into line so Western Australia can retain its fuel refining capacity as well.

The Federal Government’s package offers Australia’s under-pressure refineries some relief in exchange for a commitment to stay operational for the next decade.

AWU national secretary Daniel Walton, who led a delegation to Canberra this month to push for refinery support, said the package showed Australia can and should retain its fuel refining capacity.

“On behalf of the thousands of AWU members who refine fuel in Australia I commend the government for listening and for acting. Today’s announcement is a hugely important step,” Mr Walton said.

“Being able to make our own fuel is a critical sovereign capability. Without it, we are completely at the mercy of trade routes that are threatened by potential international conflict or pandemics.

“The Federal Government has done the right thing here by recognising the national interest and doing a deal that create a path for our fuel refineries stay open.

“Obviously the industry is highly dynamic and we will keep working with our members, employers, and the government to ensure these policies are continuously reviewed and calibrated to ensure Australia retains its fuel refining capacity.”

Mr Walton said the package underscored why BP’s decision in October to shut the Kwinana fuel refinery in WA should not be accepted.

“BP claims it has to shutdown Kwinana, but the reality is it’s just a preference based on the company’s commercial interest. There is absolutely no reason BP cannot continue operating Kwinana profitably with these support measures in place,” Mr Walton said.

“Our governments can’t allow BP to completely call the shots on what is a crucial sovereign capacity.

“Our leaders should put a hard choice to BP: either keep Kwinana running as a fuel refinery or hand it over to someone who can.”

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“THE Institute of Public Accountants (IPA) continues to advocate for consumer access to competent and affordable financial advice, and accordingly we welcome the recent round of reforms to the sector,” IPA chief executive officer, Andrew Conway said this week.

“The recommendation of the Hayne Royal Commission to establish a single, disciplinary body for the sector makes good regulatory sense and forms part of the reform agenda to streamline regulation in the longer term.

“It was not unexpected that this recommendation would involve rationalising the numerous regulators and standard setters which operate in the financial advice sector, and who are at times in conflict with each other. Winding up FASEA was always going to be an option. 

“However, whilst the IPA welcomes reform and rationalisation, we urge the Government to ensure that Treasury and ASIC are well supported and funded to take over the standard setting and administration functions currently performed by FASEA. Regulation is dependent on proper execution. 

“The IPA has been a long-time advocate of adequate funding for ASIC, which is even more critical given these additional functions. 

“The IPA is also keen to work with ASIC and other stakeholders on ongoing reforms, including in response to ASIC’s consultation paper (CP 332)  which seeks to improve consumer access to affordable advice by addressing the impediments which currently prevent this. 

“We look forward to the next steps and working with Treasury and ASIC to reach the common goal of protecting the consumer interest through the provision of reliable and affordable advice in the future,” Mr Conway said.

www.publicaccountants.org.au

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