Objective: Transparent measurement of consumer detriment / satisfaction
The operation of markets is central to our economy and the exchange of goods and services. Ensuring we have ‘healthy markets’ – those working in the interests of community and consumers – is central to long-term economic sustainability and consumer wellbeing. Extensive attitudinal and behavioural research has, and continues to be undertaken, into consumer and community sentiment, opinion, anxiety and confidence. However, little research to date has analysed these trends against industry practice, policy reform or focussed consumer outcomes that are being delivered within a market.
An Annual Consumer Index (Market Health Check) would enable longitudinal tracking of key consumer outcomes or indicators across industries. By developing a matrix of factors, greater transparency can be provided around the consumer outcomes across the sectors. Examples of the sorts of data that may be included are: share of wallet expenditure, complaint volumes, net promoter scores, regulatory breaches and measures of consumer literacy.
The CPRC will extensively consult with regulators, industry, policymakers and the community sector in the development of the Index, with the aim of ensuring practical application not only to policy reform, but potential regulatory intervention, or sharing the learnings across sectors of practice changes resulting in improved consumer outcomes.