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Cafes and restaurants will be the big winners in the 2014
Mother's Day spend, with an anticipated $310.8 million being spent
taking mums to brunch, lunch or dinners
Occasions like Mother's Day present a real business opportunity for
organisations. How much do we love Mum?
Well actually, considerably more than Dad if the amount that
Australians spend on Mother's Day gifts is anything to go by.
According to IBISWorld, Australians are expected to spend over $1.4
billion indulging their mums this year, which averages out to about
$61.31 per mum. That's more than twice the average spent on Father's
There's no doubt that $1.4 billion spent on a single occasion is an
unmissable business opportunity. But what are they buying? And how to
capture a share of this generous spend? This is where market research
can provide the answers.
Understanding your market, your customers and your competitors
provide decision-makers a solid basis upon which to make strategic
decisions for their business. In fact, organisational success or
failure can be attributed to the thoroughness of the market research,
as this helps develop a strong understanding of consumer trends,
competitor activity and industry advancements. To make quality
decisions, marketers must have information that is accurate, up to
date and relevant. Recent data from the Australian Bureau of
Statistics (ABS) now indicates that women can expect to have 1.9
children in their lifetime, with the median age of mothers sitting at
30.7 years. Fathers are slightly older with a median age of 33 years.
Research by IBISWorld forecasts that cafes and restaurants will be
the big winners in the 2014 Mother's Day spend, with an anticipated
$310.8 million being spent taking mums to brunch, lunch or dinners.
Flowers come in second place, with Australians projected to spend
$199.2 million on bouquets, blooms and other greenery. Third place is
awarded to gift vouchers and gift cards with a $137.2 million spend,
and a very close fourth place is cosmetics, fragrances and toiletries
with a $136.1 million spend.
But what about chocolate? Although we enjoy spending $45.2 million on
the "food of the gods" (especially the rapidly growing fair
trade, organic and dark chocolate brands), homewares and electrical
goods are still more popular as gifts, with sales increasing by 4.7%,
to reach $56 million this year.
Every organisation, be it small or large, private or public, should
be undertaking market research continually. This is not only to meet
the needs of its customers, but also to understand all aspects of the
markets in which it operates. Without conducting research an
organisation is usually only guessing at what its customers' needs and
wants are. Or even who its customers actually are. Research
can provide information and guidance to help managers make sound
decisions by reducing uncertainty, thereby increasing the probability
of making a good decision.
So this Sunday, when you're watching Mum arrange a beautiful bouquet
of flowers or enjoying a delicious Mother's Day degustation brunch at
her favourite café, remember that this hasn't all just happened by
chance. It's the result of an enormous amount of careful
behind-the-scenes research and planning by the businesses that have
helped provide those gorgeous gifts.