CPRC is currently investigating product choice and the decision-making process for consumers across a range of markets, considering information disclosure, barriers for vulnerable consumers, making comparisons and the switching process. A range of remedies are also explored in application both locally and internationally.
Complexity, disengagement and inertia have all been concerns raised with regards to the experience of consumers making decisions and comparisons about products and services.
The effective operation of consumer markets relies on consumers comprehending the options presented to them, and making an informed decisions about which one best suits their preferences.
Reform internationally has better incorporated the fields of behavioural economics, understanding that the power of framing, defaults and ordering significantly influence consumer outcomes.
We aim to release this report in early 2018. This piece of work, we hope, will contribute to building a stronger knowledge base around demand-side engagement in Australia. In particular, it will highlight the steps that businesses, policymakers and regulators can take to improve the consumer experience, enhance decision-making, reduce exclusion, and build trust in the operation of our consumer markets.