20 December 2011 – Several industries including ethical consumerism, fitness centres and further education are poised to benefit from consumers most popular New Year resolutions according to an IBISWorld study.
The chief beneficiaries of consumer trends will be:
More than six million Australians will volunteer next year. Charities and not-for-profit organisations are expected to raise $106.9 billion in 2012, up 3.6 per cent on 2011.
IBISWorld general manager (Australia), Karen Dobie said sales of sustainably sourced and fair trade goods have increased significantly in the past five years.
“This sector will continue to gain strength in 2012 as consumers seek sustainable options in every aisle of the supermarket,” Ms Dobie said
Revenues from organic food will rise by 10.8 per cent in 2012 to reach $541 million.
Consumers while cutting back on spending in stores, will spend an extra 2.7 per cent on fitness, taking the industry to $2.9 billion in value in 2012.
About $190 million is expected to be spent on activities such as boot camps, yoga, pilates and martial arts classes.
About 1.9 million will enrol in a technical and further education course in 2012, with those aged between 25 and 64 accounting for more than half of the total enrolment numbers.
$6.4 billion is expected to be spent on learning languages, business coaching, professional development, attending theological classes and learning how to drive,” Ms Dobie said.
In the past decade the number of Australians heading overseas has increased by more than 100 per cent, IBISWorld expects the dollar to remain relatively high throughout 2012 – encouraging even more overseas travel.
While this is good news for international airline operators, it is bad news for domestic tourism operators with revenue from holiday makers expected to grow by a low 0.4 per cent in 2012.
Debt is expected to be cut with and savings buoyed during 2012 as global financial and economic uncertainty continues to play on consumers’ minds.
IBISWorld forecasts the savings ratio will average about 11 per cent of personal income over the coming year.
While 2011 was a tough year for many retailers, the hardware retailing sector benefitted from increased DIY and home improvement activity. Growth was driven by many Australians reinvesting and self-renovating rather than upgrading due to the flat real estate market, the study said.