The amount of potential spending available per person in any conceivable trade area in Australia is information that is important to a wide variety of businesses, ranging from property owners and retailers to local governments, financial institutions, and marketers of all products. The Consumer Spend Potential (CSP) dataset allows users to estimate the retail market for categories and sub-categories of consumption for all of Australia, or for any part of the country.
Using this building block in conjunction with demographic information enables users to marry the amount of spend potential in any designated area with corresponding characteristics of the people who make up that market. The result is a powerful, 3D view of market that provides tremendous insight into a region. Census data, by itself, can only lead an analyst to the front door – knowing that a neighbourhood has lots of families with young children, for example – but the depth of knowledge stops there. CSP opens the door, providing a sense of how these families live, what is in their cupboards, allowing users to discover the items and services that are important to these families.
CSP is produced yearly, with each new version being an update of the previous version. In this way, estimates for trade areas do not fluctuate wildly, but rather evolve from release to release. This allows users to trust that a decision made using CSP data one year is just as valid several years later. Whether your interest is in the spend differential between fruit and chocolate, or the wallet share for home mortgages, CSP provides the analytical fidelity needed to visualize the bottom line of potential markets.