Local Trends – Consider Coffs

Last Tuesday I attended the ETC Business Leaders breakfast where they had Bernard Salt discussing the social and demographic change in Coffs Harbour.

Looking at the trends over the past 10years and projecting this into the future gives some interesting insights into the way business has been and should be done in Coffs.

As Bernard said, if you can position your business in the right market then your chances of success are greatly improved.

Knowing what the trends are is the key:

  • Australians are reluctant to leave the Coast – Fly-in-fly out proves this
  • The 5 largest ethnic groups in Coffs are – Indians, Chinese, Kiwi’s, South Africans & Filipinos
    • Need to know & understand how they do business
  • Our population is older, more technologically connected & more focused on work
  • Unemployment has trended down over the past 7 years
  • Increase in demographics of people aged 50-80 over past 10 years set to continue
  • Decrease in demographics of people aged 0-40 expected to start to increase again over the next 10 years
    • Anticipate new demand around these demographic changes
      • Kids & teenagers – schooling
      • Young adults – professional career development
      • Mature adults – knowledge sharing
      • Retirees – volunteering
  • The fastest growing industries are health & professional services
    • Those decreasing are agriculture & retail trade
  • Liquor, pharmacy, cafes & supermarkets are where retail spending and business is flourishing
  • Kids are generally in the suburbs
  • Retirees located close to beach

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