There isn’t an industry out there that has been left untouched by the events of the past two years, and real estate is no exception.
Our industry is fundamentally about people – and the way people live, work and shop has changed significantly since the onset of the pandemic.
In Australia alone, Australian shoppers propelled eCommerce sales growth by 16.8 per cent to US$41.2 billion ($53.5bn) in 2020, then by an estimated 13.4 per cent in 2021, bringing spending to US$46.7 billion ($60.6bn) (GlobalData). Alongside these purchasing trends, 76% of people say they would prefer to work from home despite offices opening back up (Pew, 2022), and ultimately, consumers expect their purchasing habits and behaviours to change permanently (Accenture, 2021). There also continues to be a gap between expectation and reality, with 85% of brands believing they’re offering personalised experiences while only 60% of consumers agree (Twilio, 2021).
All of these statistics serve to demonstrate that macro forces are influencing the people we’re selling and renting property to, changing the way they are behaving. The property market can no longer continue business as usual, because there are enduring consumer behaviour trends that will shape the way our industry looks over the next 12 months and beyond.
Ultimately – real estate must adapt to meet the needs of consumers, be they buyer, seller, renter or landlord.
At Little Hinges, it’s our mission to be bold, which to us means shaking up the conversations we’re having with those in property. This report looks at some of the macro trends across ecommerce which, if leveraged, will be the defining factor for real estate success moving forward.
