What does future leadership look like in the Consumer industry?
Leadership in the consumer industry in Australia will be defined by a deep commitment to sustainability, digital transformation, and consumer-centric strategies. Leaders will navigate the growing consumer demand for environmentally responsible products and practices. This will involve integrating sustainable practices into every aspect of the supply chain, from sourcing materials to packaging and distribution, and ensuring transparency. Additionally, as consumers increasingly prioritise ethical brands, leaders will align their company values with those of their customers, fostering trust and loyalty through responsible business practices and personalised value creation.
The shift towards e-commerce, driven by changing consumer behaviour and technological advancements, will accelerate. Leaders will embrace digital tools and platforms to enhance the customer experience, from omnichannel marketing to seamless online shopping experiences. Data-driven decision-making will become essential, as leaders leverage analytics to understand consumer behaviour, anticipate trends, and respond quickly to market changes. Furthermore, as consumers become more informed and empowered, category leaders will prioritise authenticity and transparency in their brand communications, ensuring their messaging resonates with increasingly savvy audiences.
E-commerce growth
Online spending in Australia reached $63.6 billion in 2023, with significant growth anticipated in 2024. This surge is driven by increasing consumer preference for online shopping, with major sales events like Black Friday seeing an 88% increase in online purchases compared to pre-pandemic levels in 2019 (Australia Post, 2024).
Digital payment adoption
The use of digital wallets in Australia rose to 35% of all card payments by mid-2023, up from 10% in early 2020. This trend is expected to continue in 2024, with increasing demand for flexible and secure digital payment options (CommBank, 2024).
Household spending stabilises
Despite economic pressures, household spending in Australia is projected to grow by 2.0% in real terms over 2024, reaching a total value of AUD 962.7 billion. This reflects a modest increase as consumers adjust to higher interest rates and economic uncertainties (Fitch Solutions, 2024).
Consumer Spending by Gen Y
In 2024, Generation Y (aged 27-43) is expected to spend $22.1 billion online, making them the largest contributors to online shopping among all age groups. This highlights the significant purchasing power of this demographic in the Australian consumer market (Australia Post, 2024).
Adam Kyriacou, Consumer Industry Specialist
Adam is a Managing Partner at Future Leadership and heads up Customer Experience incorporating Enterprise Sales, Client Solutions and Talent Experience. He specialises in delivering client and candidate-led people solutions across the private and public sectors, with varied experience in the consumer industry.
Adam has held executive leadership roles and set up international operations in people solutions businesses across commercial, government and not-for-profit organisations in the UK and Australia and has worked with clients for over 20 years to help solve their toughest executive leadership challenges. He is a qualified leadership assessor through the British Psychological Society, an accredited Executive Coach with the European Mentoring and Coaching Council, an experienced facilitator and leadership practitioner and has delivered well over a thousand successful interim, search, assessment, outplacement, coaching and facilitation assignments with clients across different cultures and most sectors.
Adam’s focus is helping customers succeed through developing relationships that produce sustainable and measurable change for clients and candidates. His work includes Board, C-Suite and Interim Executive appointments, performance coaching, leadership development design and delivery, facilitation and career transition with listed, private and government organisations. He regularly works at the intersection between organisations, leadership and transformation and is continually listening, learning and adapting to the needs of his clients to ensure a valuable outcome.
