State of Play : State of Play - Issue 3
"MELBOURNE, SYDNEY, PERTH, BRISBANE AND ADELAIDE WILL BE LIFESTYLE CITIES FOR WEALTHY MIDDLE CLASS CHINESE IN THE FUTURE. IT'S YOUR OPPORTUNITY TO CAPTURE A SHARE OF THAT." | STRATEGY FOR GROWTH | 44 Middle Australia is shifting. Relying on the notion that 'the previous model has been successful, so why change?' simply won't cut it in the future, says Bernard Salt, Managing Director of The Demographics Group and columnist (pictured on the left with Paul Carew, General Manager Tabcorp Gaming Solutions). Speaking to State of Play he highlights the opportunities available to us, living in one of the most dynamic and valuable consumer markets on earth. "The customer you've been dealing with over the last five or 10 years is very different to the customer base you'll be dealing with over the next five or 10 years," he says. Figures coming out in the Australian Census show how much and how quickly the nation's middle market is shifting, and Salt sees this as having a profound impact. "It creates great opportunity, particularly in gaming, wagering and entertainment on the Australian continent," he says. Salt firmly believes there's no better place than Australia to invest money. And with the world's overall population expected to reach 11 billion by the end of the 21st century, he predicts a scramble for food, energy, water, resources, commodities, space, security and lifestyle -- which is exactly what Australia has to offer. "We have what the rest of the world will progressively want in greater volumes over the next 10 to 50 years or so," says Salt. "We are the only nation on earth to claim the resources of an entire continent. We do that with 24 million people -- we should be a rich and prosperous society for 100 years into the future. " VALUE OF CULTURAL FUSION According to Salt, Australia's high rate of immigration has been responsible for delivering prosperity and growth opportunities. Of Sydney's five million people, 39 percent came from outside of Australia, one of the highest rates in the world, beating Paris at 22 percent, Berlin at 13 percent and even New York at 29 percent. "We must be the most plastic, pliable, absorbent, tolerant, migrant-celebratory people on earth and it would come through in our consumer culture," says Salt. "If you deliver a consumer product, housing or entertainment, you must be continually aware of new changes and palette shifts in the Australian market." When Greeks and Italians arrived in the 1950s, slowly but steadily we embraced their diverse cultures. "It took us 30 years, but ultimately there was a cultural fusion," says Salt. We also live differently, with houses incorporating Mediterranean concepts such as alfresco indoor/outdoor living, more suited to our climate than the Anglo one, with which we previously identified. Now other significant influences, that of Asian, Indian and Arabic cultures, are blending into our everyday. Quinoa, an Arabic grain, relatively unknown five years ago, has suddenly become commonplace while Woolworths stocks a variety of Asian greens. "The Australian consumer is ethnically diverse; we've shifted from Anglo to Mediterranean to Indian to Asian to Arabic influences," says Salt. "There'll be another THE TIME IS NOW The future is an exciting one and, according to leading social commentator Bernard Salt, venue managers, operators and owners in Australia have a lot to look forward to.
State of Play - Issue 2 NSW
State of Play - Issue 4