Key Trends in Consumer Policy

Background Paper to Creating Confident Consumers

May 2003

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Conclusion

The trends identified illustrate the need for MCA to promote awareness and responsiveness in its operating environment to the changes that are a feature of the global economy. As cross-border transactions increase and market innovations introduce new products and services to consumers, MCA may find it increasingly difficult to keep apace of developments unless it does so in a calculated rather than ad hoc way.

MCA may also need to review its informational strategies. If the predictions with regard to population and consumer characteristics in this report are borne out, many consumers, and potentially many who we would regard as "target consumers" are unlikely to access, or find helpful, the information we currently produce. However, across government there are a number of interesting initiatives which suggest that MCA is not alone in recognising the need to develop new information strategies.

MCA would benefit from stronger alliances with other government and non-government agencies. A lot of work is currently being undertaken to strengthen these ties. One of the benefits could be access to consumer data that assists us to choose the right informational strategies and to identify market failures quickly. Work is already being done in this regard.

Overall, the trends identified are predictable, given New Zealand's place in the global economy and the trend toward ethnic and cultural diversity seen worldwide.

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