Essay: Australian Supermarket And Grocery Store Industry's Market Structure And Competition.

Task 1:

Microeconomic analysis: Australian Supermarket and Grocery Store Industry

“The Supermarket and Grocery Stores industry is one of the most fiercely competitive industries in Australia” (https://www.ibisworld.com.au/industry-trends/market-research-reports/retail-trade/food-retailing/supermarkets-grocery-stores.html)

You are required to:

1. Research the Australian Supermarket and Grocery Store industry, and determine the market concentration.
2. Based on your research, explain whether or not, and why, you agree or disagree with the above statement.
3. Discuss which of the four (4) market structures best describes the Australian Supermarket and Grocery Store industry. Explain the reasons for selecting one of these four structures.
4. Using your selected market structure, analyse the economics and pricing policies that you would to expect to find in the Australian Supermarket and Grocery Store industry.

Write a conclusion which summarises the insights which you have gained from this assessment task.

Select one of the following industries

• Australian Banking Industry;

• Australian Domestic Airline Industry;

• Australian Coal Industry;

• Australian Education Sector: International Education;

• Australian Iron Ore Manufacturing Industry;

• Australian Not-For-Profit Sector;

• Australian Tourism Industry; or

• Another industry of your choice (if you select this option, before commencing this assignment, discuss your alternative industry choice with the unit facilitator).

You are required to investigate the industry to some depth, using your understanding of business economics, and to:

1. Estimate the industry’s contribution to Australia’s annual GDP. What proportion of GDP does this represent? Explain.
2. Describe and analyse the industry’s relationship with Governments.
3. Select three (3) of the following six (6) scenarios. Using macroeconomic theories, determine and describe what you predict may happen in your selected industry if:

1. Australia’s rate of unemployment increases to 10%;
2. Australia’s inflation rate increases to 6%;
3. The Australian Government decreases the corporate taxation rate to 20%;
4. The Reserve Bank of Australia increases the cash rate to 5%;
5. The value of the Australian Dollar (AUD) decreases by 10% against other key currencies;
6. China reduces imports by 10%;

Provide brief explanations for each of your three predictions

Write a conclusion which includes the insights which you have gained from this assessment task.

Market Concentration

Introduction

One of the highly developed market economy is Australia that registers strong growth trajectory. The country is known for its uninterrupted economic growth for long twenty six years, which ended in 2017 due to a technical recession (Lambert and Goh 2020). The robust performance of the Australian economy is supported by its major industries. One of the key industries of the Australia is supermarket and grocery store industry. The significant contribution of the supermarket and grocery store industry encourages the growth of the economy.

This paper examines the market concentration of this industry. In this regard, the consideration of the key players of the market is essential. In addition, it also emphasizes on the competition within this industry. This paper also investigates the market structure of the supermarket and grocery store industry of the Australia with the help of different characteristics of the industry (Lawrence and Dixon 2015). The market structure of the supermarket and grocery store industry is also discussed in this regard. Further, the pricing policies and economics of this industry are assessed on the basis of the market structure. Therefore, the whole analysis of this paper is undertaken in order to understand and know the level of competition within the supermarket and grocery store industry of the Australia.

Market concentration of the industry

The two major national companies including Coles Group and Woolworths Group dominates the supermarket and grocery store industry of the Australia. The total market share of these two giants include almost 90 billion Australian dollars on each financial year, whereas each firms hold around 30% of the total market share of the supermarket and grocery store industry of the Australia. The market concentration of this industry represents the number of firms operating in the market and the respective shares of their total reserves (Merrett 2019). As of 2020, the market size of the supermarket and grocery store industry of the Australia remained 113 billion Australian dollars. The companies possess the largest market share in the supermarket and grocery store industry include Coles Group Limited, Woolworths Group Limited, Metcash Limited and Aldi Stores (Xu and Lee 2020). The turnover of the industry remained steady year on year because of the strong performance by these firms. As of 2020, the total industry turnover of the supermarket and grocery store industry of the country stood at around 110 billion Australian dollars.

Additionally, over the past few years, the sales revenue of the Coles Group remained steady at around 38 million Australian dollars on an average. Whereas, the food sales of the rival firm Woolworths also expanded by almost 40 million Australian dollars (Mortimer and Ingersoll 2015). On the other way, the formative years in the Australia has proved successful for the newcomer German giant Aldi. The market success of the firm has also offered the company with significant market share in this industry.  In addition, the third largest share of the market was grabbed by the Aldi in the Australian market of worth 11% in the year 2019. The number of national consumers of the Aldi have also increased in recent years. Therefore, it can be said that the Australian supermarket and grocery store industry contributes significantly in the economic growth and development of the country through its contribution in the generation of the revenue in this market. The market concentration of this industry helps to understand further changes in the level of competition due to the presence of the newcomers in the competitive industry. It also empathizes on the effects of the customer behaviour related to the competition in the market.

Market Structure of Australian Supermarket and Grocery Store Industry

The industry is considered as the one of the most competitive industries of the country. The presence of the key players in the supermarkets and grocery stores industry make it fiercely competitive (Ibisworld.com 2020). However, there exists some changes in the current environment of the industry. Previously, the industry of the supermarket and grocery stores is mainly dominated by the two market giants such as Coles and Woolworths. However, the entrance of the ALDI has dramatically altered the operating landscape of the industry (Bogomolova and Jarratt 2016). The rapid popularity and expansion of the low-cost private label products has led to the robust growth of the supermarket chain. As a result, it has impacted the presence and influence of the other established market giants of this industry. Hence, over the last two years, the price-based competition in the supermarket and grocery industry of the Australia has declined. In addition, it has also created pressure related to the pricing strategy and expansion on the market giants including Coles and Woolworths.

Thus, in response, the industry giants also compelled to expand their private-labelled products in the market. Moreover, these firms has also faced competition from the ALDI, which led to the adopting price-cutting mechanisms for these two firms (Riesenberg et al. 2019). It has made the supermarket and grocery stores industry increasingly price-competitive, which has created trouble for the smaller supermarket chains of the Australia. In order to stay competitive in the supermarket and grocery store industry of the Australia, the exiting firms operating in the market have also scaled down prices and accepted lesser margins. As a result, it has pushed down the overall profit margins of the industry over the last five years. Though, the market structure of the supermarket and grocery store industry offers the control over the price of the products sold by the companies. In recent years, the presence of the new firm ALDI has impacted the influence of the Coles and Woolworths over the prices of the products. Thus, the new firm has also changed the way competition of the market previously exercised (Grimmer 2017). Even though, the fierce competition in the supermarket and grocery store industry remained, the entrance of the Aldi has affected price-based competition among the established giants of the industry. Moreover, it is also estimated that the competition to be less intense in comparison with the environments over the last five years.

Competition in the Australian Supermarket and Grocery Store Industry

It is essential to take into account the market structure of the supermarket and grocery stores industry of the Australia. The above analysis of the industry will help in determining the market structure of the supermarket and grocery stores industry of the country. There are mainly four types of market structures including monopolistic competition, monopoly, oligopoly and perfect competition. The characteristics of the supermarket and grocery stores industry of the Australia will help to determine the appropriate market structure of the industry (Grimmer 2018). The features of the oligopoly market structure include few sellers, entry and exit barriers, lack of uniformity, interdependence, competition and advertising. Here, the industry is characterized by a small group of the large sellers such as Coles and Woolworths, where each of the firm possesses at least 30% of the total market share in the supermarket and grocery stores industry of the Australia.

Moreover, the rest of the market share is grabbed by the independent operators of the market such as Aldi and AGA group. The products sold by the companies are slightly differentiated or homogeneous product. The firms also enjoys the control over the prices of the products. The products offered by the supermarket giants include a range of food products and groceries including bread, vegetables, toiletries, cleaning goods and dairy goods (Pulker et al. 2018). Moreover, these firms also able to control the prices of the products and influence the competition of the market. The dominance of the few firms in the supermarket and grocery stores industry of the Australia also creates barriers to entry and exists. These existing firms also tries to influence the behaviour of the consumers with the help of the lucrative advertisement (Industry.gov.au 2020). One of the significant features of the oligopoly is interdependence, which is exercised by the firms in the supermarket industry of the Australia. The competition among the few sellers of the respective industry such as Coles and Woolworths have intensified and any change in decisions of these firms will impact the rivals. Therefore, the market structure of the supermarket and grocery store industry of the Australia is oligopoly in nature, where the lack of uniformity in terms of size of the firm is evident. Therefore, these features of the supermarket and grocery stores industry of the Australia resembles it with the oligopoly market structure.

The market structure of the supermarket and grocery stores industry plays an important role understaffing the economics and pricing policies of the exiting firms. The oligopoly market structure of the supermarket and grocery stores industry of the Australia will help to analyse the economics and pricing policies of the respective industry.  The level of competition in this industry remained intense due to the presence of the price competition. It is estimated that the price competition in the supermarket and grocery stores industry of the country will remain steady over the next five years (Knox 2015). On the contrary, the level of price competition is estimated to be lower in comparison with the price competition over the last five years. As the presence of the low cost supermarkets has changed the way the market is operated by the Coles and Woolworths. In this regard, the established giants like Woolworths and Coles has changed the area of operation related to the improvements in stores and digital capabilities, which will in turn differentiate their brands from the low-cost supermarket chains in the Australia. There will be a modest upward pressure on the price over the next five years through an increase in focus on the high margin products and less direct price based competition.

Conclusion

Therefore, the market structure of the supermarket and grocery stores industry has witnessed a limited pricing growth for the Coles and Woolworths as the Aldi has proved the consumers with the low cost alternatives of the general products. Though, the market structure related to the oligopoly promotes the best environments for the Woolworths. The performance of the supermarket giants has hampered because of the decrease in the economic market conditions (Pulker et al. 2018). Therefore, the highly concentrated market of the Australia has also went through significant changes in economic conditions due to the presence of the strong rivals like Aldi. The smaller firms have faced fierce competition in terms of price in the Australian supermarket and grocery industry. Therefore, the small changes in the price or promotional scheme by one form will force the all other firms in the market to follow the same compliance and to remain in the competition. The decisions of the competing firms in terms of actions taken will also affect the sellers due to their interdependence on each other. The economics under the oligopoly market structure enables the firms to be competitive.

Conclusion

One of the largest industries of the Australia is supermarket and grocery stores industry. The contribution of this industry is significant on the growth and development of the county. There are few key players in the supermarket and grocery stores industry of the country such as Coles, Woolworths and Aldi. The market is mainly dominated by the Coles and Woolworths with the help of the largest market shares. The price-based competition of the particular industry has declined due to the presence of the Aldi (Sutton-Brady, Kamvounias and Taylor 2015).

The performance of the Aldi has proved successful and has created pressure on the established giants of supermarket chains. The features of the supermarket and grocery stores industry of the Australia resembles with the oligopoly market structure. The oligopoly market structure of this industry helps to examine the pricing policies and economic of the market. The pricing policies of the supermarket giants were forced to change through the price-cutting mechanism as practiced by the Aldi. Though, the competition of the supermarket and grocery stores remained fierce in the past, it has scaled down because of the Aldi (Sorensen et al. 2017). Furthermore, as per estimation, the competition of this industry will also push down in comparison with competitions of previous years in the Australia.

Introduction

One of the major economies of the world Australia is characterized by a market economy with high gross domestic product (GDP) per capita and relatively lower rate of poverty. The economy witnessed robust growth rate for the past several years due to outstanding performances by the businesses and industries. In addition, the contribution of the various industries is significant in the economic development of the country. The economy of Australia is highly dependent on the service sector, which accounts for 70% of the total GDP of the country (Abs.gov.au 2020). The main industries of the Australia under the service sector include financial services, education and tourism. This paper take into consideration the tourism industry in order to analyze its contribution on the economic growth of the country.

The relationship of the tourism industry with the government of the country is essential factor to discuss. There is a profound influence of the macroeconomic factors on the tourism industry of the Australia, which are need to be addressed. It will help to determine the changes in this industry due to the changes in these macroeconomic factors (Divisekera and Nguyen 2018). The macroeconomic analysis of the tourism industry of the Australia will help to get a comprehensive idea about the industry in relation with the overall economy. There exists a broad range of macroeconomic factors that affects growth and performance of the tourism industry in the Australia. This paper discusses the impacts of the macroeconomic factors such as induce in unemployment rate to 10%, surge in inflation rate to 6% and currency depreciation on the Australian tourism industry.

Contribution of the tourism industry on the annual GDP

One of the considerable component of the Australian economy is the tourism industry. The tourism industry of the Australia includes both domestic and international tourism. As of last quarter of 2019, the growth rate of the country expanded by 2.2%. The total contribution of the tourism industry to GDP of the Australia from 2012 to 2028 is displayed in the figure 1, where the data from 2012 to 2018 is represented with a forecast for 2028 (refers to as fig 1). Historically, the contribution of the tourism to GDP of the country was highest at 203.8 billion Australian dollars in 2018 and it was lowest at 168.7 billion Australian dollars in 2012 during the period of 2012 to 2018 (Statista.com 2020). Therefore, it is observed that there was a continuous growth in the contribution of the tourism to the GDP of the country.

Thus, it can be stated that the trend in the tourism contribution to GDP of Australia is upward slopping. As per prediction, the contribution of the tourism on the GDP of the country will be 262.4 billion Australian dollars. The tourism GDP growth rate of Australia from 2001 to 2018 is illustrated in figure 2 (refers to as fig 2). Moreover, the growth rate of the tourism industry was highest in the year 2001 of about 17.8% during the period of 2001 to 2018 (Statista.com 2020). In comparison with 2017, the tourism GDP rebounded by 7.1% in 2018. The tourism industry represented 3% of the GDP of the Australia in the financial year of 2014-15, where the contribution to national economy was of worth 47.5 billion Australian dollars. As of 2019, it stood at 44.6 billion Australian dollars. Additionally, 73% of the total direct tourism is GDP is represented by domestic tourism, which is an important part of the tourism. The total number of international visitors were 7.4 million in 2015 in Australia, which grew to 8.6 million in 2019. Therefore, there was an increase in the numbers of international visitors in the country by 3% (Moyle et al. 2018).

One of the significant share of the export earnings comes from the tourism sector of the Australia. The direct contribution of the tourism industry in the growth of export earnings and overall economy make it one of the largest industries among the service sectors of the Australia. The growth rate of the tourism industry has exceeded the national growth rate of the Australia successfully for many years. As a whole, the economy of Australia had expanded by 10% over the last three years (Martins, Gan and Ferreira-Lopes 2017). On the contrary, the tourism GDG had spiked by the 23% over the same period of time. As of 2017, almost 600 thousand people were directly employed in the tourism industry of the Australia. On the other hand, the total employment in the tourism industry of the Australia were more than 900 thousand people in the year 2017. Therefore, the contribution of the tourism industry is indispensable on the GDP.

Analysis of relationship between the government and tourism industry

The contribution and support of the government is essential for the growth of any industry. Thus, in order to understand the robust performance of the tourism industry of the Australia, it is required to take into account the role of the government. A range of relief assistance and support is offered by the territory and state government of the Australia for the tourism businesses (Valadkhani and O'Mahony 2018). The programs undertook by the federal government of Australia for supporting the tourism business include Australian small business advisory service (ASBAS) related to digital service, business development and assistance program and export market development grants scheme. All these schemes of the government intended to grow the economic contribution of the tourism industry. 2020 Tourism Industry Potential is released by the government of Australia in 2010 (McCaughey, Mao and Dowling 2018). In order to establish the competitiveness and resilience of the tourism industry of the Australia, the industry and government took a long term strategy known as tourism 2020.

The goal of this strategy is to address supply side factors and pursue new opportunities for growth, which will in turn improve the competitiveness and performance of the industry. Furthermore, it also intend to achieve greater than 115 billion Australian dollars in overnight spend by 2020, which was 70 billion Australian dollars in 2009. The foundation of the tourism 2020 was set up between 2011 and 2014 (Huveneers et al. 2017). The goal of the tourism 2020 can be achieved through a competitive aviation environment. Thus, the government and the industry were decided to growth the international aviation capacity between 40% and 50% for which the rise in the seats were between 7 million and 8 million in 2011. As a result, the total numbers of seat added till 2017 were 9.3 million. Another important factor that contributes in achieving the tourism 2020 goal is higher investment in quality accommodation. The tourism industry of the Australia has made commendable progress in this regard by planning to add between 6000 and 20,000new rooms by 2020. In 2018, the overnight visitor expenditure scaled up to 107.4 billion Australian dollars, which stood at 6% increase from the year 2017 (Ban and Ramsaran 2017). The priority areas selected for the tourism 2020 by the governments of state and territory and Australia are as follows

• The government of Australia also plans to reduce the burden that faces by the industry such as red tape, tax and other regulatory burdens.
• The government of Australia encourages for the superior quality tourism experiences, including Indigenous tourism (Dobson and Hooper 2015).
• Australian government also supports the development of the tourism industry by working with the industry, which can drive the demand in future.
• Another priority of the government is to increase demand through implementing effective and coordinated campaigns (Wilson and Verlis 2017).

Therefore, it can be said that the Australian government work in accordance with the tourism industry to achieve the goal of development (Ruhanen, Whitford and McLennan 2015). Thus, the relationship between the government and tourism industry helps to spike the growth and development of the industry.  

Impacts on the tourism industry due to macroeconomic factors

One of the key industries of the Australia is tourism industry and the macroeconomic factors affects the performance and growth of the tourism industry of the country (Taylor et al. 2015). Therefore, the changes in these factors also brings changes in the tourism industry. This paper take into account the macroeconomic factors such as unemployment rate, currency depreciation and inflation rate to analyze the impact on the tourism industry of the Australia.

Impact of currency depreciation on tourism industry

One of the major macroeconomic factors that may drive the tourism industry is the value of currency in respect with other key currencies. However, it is not the only factor that drives the tourism industry (Zhang et al. 2015). The recent history of the Australian dollar is turbulent in nature. Though, the depreciation of the Australian currency against some key currencies may bring adverse impacts for some industries. It may also bring positive effects for some industry and the tourism industry is one of them. Here, the Australian dollar depreciates by 10% against other key currencies. As a result, it may attract higher numbers of visitors. The depreciation in the value of the Australian dollar will make it more attractive to international tourists. As the international tourists will find the country less expensive destination to visit than it was earlier, it will bring growth in the tourism industry of the country.

However, the positive impact will not be limited to the international tourism, it will also boost the domestic tourism of the country. The domestic tourists will also find the holiday at home country less costly than previous (Espinosa Abascal, Fluker and Jiang 2015). Additionally, they will also prefer to visit home country at a lower cost than some other countries of the world. As a result, the domestic tourism of the Australia will also spike. Therefore, the depreciation in the Australian dollar by 10% may lead to the higher numbers of visitor in both national and international tourism. Thus, the tourism industry of the Australia may witness higher growth and development.

The tourism industry of the Australia influences by the increase in unemployment rate. Here, the unemployment rate of the country induces to 10%. Thus, the higher rate of unemployment will impact the decisions related to the individual tourism participation. There is strong relationship between the habitual consumption and nature of tourism services provided under the industry (Mair, Ritchie and Walters 2016). As the crisis in the economy scales up due to the higher rate of unemployment. It will impact the behavior relate to the habitual consumption of the individuals. As a result, the individual tourism participation and the services under the tourism industry will affected due to the surge in unemployment rate.

The higher rate of unemployment in the Australia will mainly affect the domestic tourism as it will lower the purchasing power of the people. The higher rate of unemployment rate results in plunge in disposable income. Therefore, the people will compel to curtail on activities like tourism. Hence, the growth of the Australian tourism industry will take a downward trend because of the increase in unemployment rate. In addition, it not only affects the decisions related to the tourism participation of the people those who are out of the work but also impacts such decisions of the individuals in general (Khandaker and Islam 2017). Therefore, it can be stated that overall level of higher aggregate unemployment rate has a bearing on the decisions of the individuals those who are not directly affected due to the surge in unemployment rate of 10%. Hence, as the unemployment rate of the Australia remains 10%, it will force the individuals to minimize the holidays inside and outside of the country due to limited availability of the disposable income.

Another major macroeconomic factor that influence the growth of the tourism industry is higher rate of inflation. In Australia, the inflation rate induces to 6%, which is relatively much higher than the usual rate of inflation in the country. As the inflation rate scales up, it will have an adverse impact on the growth and performance of the tourism industry (Vuin et al. 2016). The high rate of inflation may start the sign of slowdown on the tourism industry. The higher rate of inflation in the country will discourage the growth rate of the foreign tourist arrivals in the Australia. The ills of inflation will cause the rising airfares and hotel costs. Thus, the tour operators will witness steady down ward trend in the performance of the industry.

Moreover, the situation will also not be favorable for the domestic tourists because of the spike in the inflation rate of the country. The higher rate of inflation will push up the cost of the holidays within the country (Martins, Gan and Ferreira-Lopes 2017). Thus, the individuals will be reluctant to go for the holidays within the country. Further, they may find other places less expensive than the home country. It will hit the performance and growth of the domestic industry in the Australia. The higher rate of inflation will also downgrade the spending ability of the people. As a result, the individuals may not go for any foreign trip due to the higher spending because of the surge in inflation rate in the country. Hence, the decisions related to the tourism participation of the individuals will be affected because of the high rate of inflation in the country.

Conclusion

One of the significant industries among the service sector of the Australia is tourism industry. Tourism industry of the Australia involves both domestic as well as international tourism (Abascal, Fluker and Jiang 2016). The performance of the tourism industry remained strong from the past several years due to expansion in the domestic and international tourism. The contribution of the tourism industry is considerable on the GDP of the country. Hence, the developed economy Australia is highly dependent on the growth rate of the tourism industry. The relationship between the tourism industry of the country and government of Australia is also vital in this respect. The support from the government of Australia enables the growth of the tourism industry.

In addition, the macroeconomic health of the Australia is interlinked with the development of the tourism industry (Deville, Wearing and McDonald 2016). The currency depreciation will result in higher numbers of domestic and international tourists due to less expensive holidays. Additionally, the higher rate of unemployment will influence the decisions related to the tourism participation. It not only affects the people those who are out of the world due to unemployment but also affects the decisions of all the individuals in general. The macroeconomic indicator inflation rate will influence the growth rate of the tourism industry of the Australia. The higher rate of inflation may discourage the domestic and foreign tourist to avail the costly holiday packages because of the surge in airfares and hotel costs. Therefore, it will have a profound negative impact on the tourism industry of the Australia.

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