As population growth slows per capita spending will be the engine of consumption growth. In this new landscape with lowered migration ceiling numbers, to optimise on the current consumer market for the foreseeable term, businesses will need to know which consumers have the purchasing power, where they are, what they want to buy and what drives their spending.

Businesses will need a more detailed portrait of target customer groups than ever before, including their age, income, ethnicity and shopping preferences. Data points on consumer behaviour has never been more necessary for businesses to survive and thrive, as is the capacity to interpret them in a way that can be of practical use.

Much of the consumption growth is expected to come from city-dwelling consumers compared to those in the regional. Millennials will contribute less than the elderly, surprisingly, as the latter spend heavily on healthcare, housing, transport and entertainment. Working-age consumers in general have traditionally constituted a major market, and companies can offer different price points to meet a variety of demands in this space.

Businesses in every sector have equal opportunities should they prioritise these target segments as never before. Behavioural differences across different age groups require customised strategies for businesses seeking to convert sales.

As population growth slows city demographics (and therefore their growth prospects) diverge. Businesses need to be in the right places with the right sales strategies to navigate this more varied and complex consumer markets.