Nine Study: The “Great Australian Dream” Now Requires “Significant Compromise”

Nine Study: The “Great Australian Dream” Now Requires “Significant Compromise”
SHARE
THIS



Rising property prices and tales of disappointment have led to a significant shift in how Australians – particularly Millennials – now view “the Australian dream” and the goal and attainability of owning property, new research has found.

The new study – The Australian Dream Reimagined – was commissioned by Nine’s strategic client solutions division, 9Powered, and launched today at Nine’s The Big Ideas Store. It examines what the shifts in consumer perceptions around homes and property mean for marketers and brands.

9Homes 3

The study found that, amid the ongoing housing affordability crisis, those aged 18-34 were 26 per cent more likely to expect to make a “significant compromise” on their standard of lifestyle in order to achieve the Australian dream.

It also found that 45 per cent of aspiring home buyers under the age of 40 reported that they were tired of older generations giving them financial advice on how to save and attain their purchase.

9Homes 2

“We’ve seen the nation consumed by the avocado-on-toast debate,” said Melissa Mullins, Nine’s director of strategy. “This study shows how the Australia dream remains a powerful marketing construct for brands to tap into however, for some people – particularly those in younger generations – it is becoming attainable and this is an important consideration for marketers.

“The modern challenge for marketers is to help consumers reimagine the Australian dream. To recognise the compromises or challenges some Australians face when it come to the property market and look for the opportunities to help meet their aspirations.”

9Homes 1

The study, conducted by research firm The Lab Insight & Strategy, included more than 500 respondents and found that two-thirds of home owners aged 35-49 were not happy with the long-term prospect of staying in their current home and would look to upgrade to something “bigger and better”.

A need for more space was a common theme across the research. Only around one-third of respondents (37 per cent) rated their current dwelling as “large and spacious”.

Meanwhile, almost two-thirds of respondents (58 per cent) were looking for a new home with “large” internal space and 56 per cent were seeking a home “where they can spread themselves”.

“The challenging property market gives us a sense of how people see their home space, so marketers need to recognise both the aspirations of consumers and the commercial opportunities these conditions create,” Mullins said.

Mullins cited two significant findings in the study: the fact that consumers are renting for a longer period of their life; and consumers are looking for brands to build products that move with them.

“If we think about the fact that consumers who are moving and renting as a percentage of the population is increasing, it’s the products that cater to this, like 3M removable hooks, that will do well. They are recognising and meeting the evolving consumer needs of our most transient lifestyle.”

A trend toward smart living in a variety of forms was also a key part of The Australian Dream Reimagined, with technology increasingly seen as a means of helping to make our homes a sanctuary.

“Four out of 10 new home buyers told us they wanted the latest tech in their homes,” said Mullins. “The rise of not only devices like smart fridges and lighting, but also the growing consumer take-up of digital assistants such as Google Home and Amazon Alexa, is fundamentally shifting our day-to-day existence in our homes.

“The ramifications of this for brands will be far-reaching as personalisation and ease of use become central to almost every part of the house.”

Latest News

How To Create Connections To Increase Your Influence
  • Opinion

How To Create Connections To Increase Your Influence

Darren Fleming (pictured below) is a speaker, author and trainer who specialises in helping leaders influence their teams. He is the author of Don’t be a D!ck – creating connections that make influence happen. In this guest post, Fleming offers proven tips on how to improve staff connections and your influence around any office… The secret to […]

Opinion

by B&T Magazine

B&T Magazine
PayPal Unveils “Uncle Awesome” In Witty Christmas Spot Via Buzzman
  • Advertising
  • Campaigns

PayPal Unveils “Uncle Awesome” In Witty Christmas Spot Via Buzzman

A dodgy uncle is the star of PayPal’s new Christmas spot set to air across 15 european countries this festive season. The work of famed Parisian agency Buzzman, the ad plays on the traditional family Christmas and the arrival of an uncle notorious for his over-touching, cheating and over-eating. This time around, thanks to Paypal, Mr […]

Isentia Builds Out Executive Team With Three New Appointments
  • Media

Isentia Builds Out Executive Team With Three New Appointments

Isentia Group Limited has announced three senior appointments to its executive leadership team to accelerate product enhancement, operational efficiencies and support ongoing transformation. Following an extensive search, Paul Russell has been appointed chief technology officer (CTO), Kelly Young chief human resources officer (CHRO) and Peter McClelland chief financial officer (CFO). Ed Harrison, Isentia chief executive officer and managing director, […]

Ovarian Cancer Australia Says ‘It’s Time For Ovary-Action’
  • Campaigns
  • Media

Ovarian Cancer Australia Says ‘It’s Time For Ovary-Action’

Ovarian Cancer Australia has launched its first pieces of work via agency 10 feet tall. ‘It’s time for ovary-action’ is their empowering, new creative platform that aims to rally all Australians to stand up and take action for the cause. The launch includes a quirky content video accompanied by print and radio components that aim […]

Assembly Label Appoints The Wired Agency
  • Media

Assembly Label Appoints The Wired Agency

One of Australia’s leading fashion brands, Assembly Label has officially appointed The Wired Agency as its exclusive digital campaign partner. As a market leader in the ‘simplified essentials’ space; quickly becoming renowned for their minimal approach to design and clothing construction, Assembly Label has recently opened their tenth retail location as well as being well-represented […]