Original article by Roy Morgan
Market Research Update - Page: Online : 3-Jul-23
According to social scientist Dr Ross Honeywill, Australia is in a two-speed consumer economy, and each speed has a fundamentally different consumer mindset. The 'fast lane' is the New Economic Order (NEO) mindset, in which 90% of consumers are 'big spenders' who happily spend on frequent, premium experiences. Meanwhile, traditional mindset consumers in the 'slow lane' are price-sensitive, reluctant-spending consumers. Roy Morgan's 2023 Premium Brand rankings focus on the spending of the top 50% of NEO consumers, known as Super NEOs. The Premium Brand rankings are determined in the Roy Morgan Single Source database by analysing the consumption behaviour of Australia's 2.5 million 'Super NEOs' - the top 50 percent of NEOs.
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