The tech giant has a captive audience akin to Stockholm syndrome, but few big cap Australian equities have a strong hold on their customers.
Banks currently have very sticky customers. The next generation is unlikely to be so tolerant. Borrowers are leaning towards other providers such non-bank entities, be that private credit or other forms of consumer debt.Traditional banks struggle to customise their offer. Truly enduring franchises are thin on the ground among the ASX 200.
Consumer discretionary stocks need constant reinventing and investing, with a long list of failures. Myer, Abercrombie and Fitch, Toys R Us are but a few. Then there are those that implode due to excess. In its day, General Electric was heralded as an example of a great diversified company. Locally, companies such as Pacific Dunlop tried to participate in every industry sector. Not a good outcome.
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