Two-Speed Consumer Economy

Make no mistake, we are in a two-speed consumer economy, and the fast lane is being driven by a premium band of recession-busting consumers known as the New Economic Order or NEO.

Identified and developed by social scientist Dr Ross Honeywill, NEOs are the consumers who just consumed their way through the COVID recession.

National and global brands that have used NEOs as a growth engine include Lexus, Abercrombie & Kent, Moët-Hennessy, Qantas, Four Seasons Hotels & Resorts, NAB, Westpac Broking, David Jones, JB Hi-Fi, Energex Energy, Macquarie Bank, Tourism Tasmania, A.H. Beard, and many more.

Twenty-four percent of the population, Australians with a NEO mindset are already shaping the future. There are 5 million NEOs in Australia and 60 million in the US, and they are not called the New Economic Order for nothing – they are the highest-spending consumers in the economy. If history is any guide, follow them and you will find a better future. But more of that later.

Compared to the 10 million Australians with a traditional mindset, many of whom are affluent, NEOs spend 2.65 times more on, for example, retail purchases. They are 24% of the population but account for 41% of all retail sales. On the flip side, traditional consumers are 50% of the population but account for only 33% of retail spending.

In partnership with Dr Honeywill, we are proud to reveal for the first time a new digital-ready Premiumisation framework to put you in the fast lane of the two-speed economy. Scroll down to discover the rewarding world of NEOs.