Australian retailers are facing critical challenges as more and more people spurn commercialism and choose to save for retirement, research shows.
Almost half of the 2,502 respondents to Boston Consulting Group's (BCG) latest consumer survey said they preferred to save rather than spend, up from 40 per cent last year.
Many said it was to try and meet the costs of retirement and healthcare.
Increased competition and concerns about the economy have also contributed to consumer caution.
"Australian consumers are threatening to go on strike," BCG's Jane Danziger said.
"Fears about the economy and job security are certainly factors, and these have noticeably increased the past year."
More people also said they reject modern consumer culture - 54 per cent of those surveyed, up from 49 per cent last year.
"Australian consumers are increasingly jaded with the very idea of buying new things," Ms Danziger said.
"They are becoming quite critical of companies pushing sales in an increasingly difficult economic climate.
"The results clearly show retailers would be foolish to pin their hopes for a spending recovery on an uptick in the Australian economy."
BCG's research also showed that Australia has the highest frequency of online purchases from overseas retailers, compared to other developed countries.
The increase in online shopping is driven by better range and availability rather than lower prices, Ms Danziger said.
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