Market Situation Of Bardot Essay

3659 words - 15 pages

2.1 Current Market Situation
2.1.1 Overview of the Market

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Following the economic downturn as a result of the Global Financial Crisis the TCF Industry has been affected by the shift in consumer spending behaviour. With high petrol prices and the threat of rising interest rates, consumers became savvier about their spending with private savings rates expected to reach its highest point since 1984 (Lohan, 2011). However, the strong Australian dollar, government stimulus package and falling unemployment rates resulted in an estimated annual growth over the past five years of 0.8% to reach $12.3 billion in 2011.

Real household ...view middle of the document...

8%, 33.3% and 25% respectively (Lohan, 2011). Per capita comparisons between revenue and population share indicates that Queenslanders have a higher average per capita spend in clothing retailers, an average of $514 in 2003-2004 compared to the national average of $463 (Lohan, 2011). Victoria and New South Wales were the only other states that also generated a higher per capita expenditure in the clothing retail sector in 2003-2004. The revenue distribution can be attributed to higher average incomes relative to the national average, positive population growth and healthy state economies (Lohan, 2011).

2.1.2.1.2 Demographic distribution of revenue - Age

Three key age groups comprise the market for clothing retailers; the baby boomers, generation X and generation Y. Generation X (aged between 29-43 years of age) occupying the largest market segment of the industry, representing 39% of total clothing sales (Lohan, 2011). As a possible result of social changes such as the rise of the ‘DINK’, shrinkage in family size, changes in gender roles, and more women in the workforce, this generation has a higher proportion of discretionary income and choose to spend it on clothing. Baby boomers (aged between 44-65 years old) also occupy a large proportion of the market segment at 34% (Lohan, 2011). Representing the majority of the workforce, typically in management the baby boomer have the spending power to match. With fewer financial commitments the baby boomer has the means to spend on clothing, however choosing to focus on quality and comfort over trend. Generation Y (aged between 14-28 years old) contribute 24% industry revenue (Lohan, 2011). Influenced heavily by brands and social pressures, this generation spends a large proportion of their income on clothing, making purchases frequently.

2.1.3 Product segmentation

According to Lohan, 2011, women’s apparel accounts for almost half of all industry revenue at 48.2%, $5.93 billion in 2011. This can be largely attributed to the fact that women tend to spend a higher proportion of their income on footwear and clothing. Menswear accounts for 23.6% of total industry revenue (Lohan, 2011). Clothing is not seen as a necessity to most men and spending on clothing is highly discretionary, especially during periods of economic uncertainty. Children’s and Infant clothing account for a total of 19.4% of industry revenue, with slightly more money spent on girl’s clothing, with 6% of total market share as opposed to 4.4% on boy’s clothing (Lohan, 2011). Infant clothing has experienced a rise in product share over the past few years having the highest volume growth of all clothing types in 2007 and again in 2008 (Clothing in Australia 2009). This growth attributed to the increased birth rate and introduction of the $4000 baby-bonus. The remaining 8.8% of industry revenue is comprised of headwear, hosiery and accessories. Clothing accessories experienced the...

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