Where merely making a U-turn in … The EY Future Consumer Index shows that the pandemic has disrupted consumer mindsets and priorities when choosing products, with shifts toward safer, healthier, and more trusted products. Despite some differences in the level of support for sustainable consumption across Asia, almost two-thirds of all consumers stated that they consider the sustainability credentials of a retailer … This report helps understand the shopping behaviours and preferences of consumers across Asia in great detail. This blog post summarises 5 key trends from our latest report Consumer Trends in Asia: 2021. The well-heeled among Asian consumers will still remain important to a Citi shorn of consumer banking. Consider the adoption of online-offline shopping; think of the huge influence on regional travel; recall China’s adoption and propulsion of Asian fashion and media; or its’ … When a customer naturally associates your brand with a specific type of product, it means your brand has a competitive edge. Other countries embrace low/free-from claims, health-conscious consumers, with over half surveyed functional health benefits or look … In Asia, as in other parts of the world, consumers are hoping for a better year—more jobs, more incomes, more wealth, and perhaps, less uncertainty. Businesses are under pressure to rapidly adapt their operations to develop a resilient and seamless customer … But in 2021, this is perhaps more significant than ever. eKos_connect’s mission is to expand the financial ecosystem in Asia through secure, simple and effective digital technologies, helping financial institutions accelerate their growth while improving millions of consumers’ financial health. Asia is Fraser's best bet. Between now and 2030, there will be nearly 20 million more people aged 60 and over in the region. HCM CITY — Shifting businesses and enterprises into an intelligent and connected virtual space is no longer an option but a necessity to survive, primarily due … Because of this, the Korean mobile games market is expected to grow to US$2,117m by 2020. Consumer goods companies rely on content to boost traffic, giving consumers a way to understand your product and value proposition. — Photo courtesy of Kaspersky. Female consumers in Asia – summary Preface – page 2 Executive summary – page 3 Introduction – page 6 Asia as number one – page 6 1. Asia’s underperforming consumers is what makes economists believe that if the world economy is to have a new consumption engine, developing Asia must be a big part of it. Asia is Fraser’s best bet. Author. Consumers in Asia-Pacific to benefit most from industry 4.0. In Korea, there is the term 탕진잼 (Tangjin-jam), meaning “Wasting money is fun!” Younger consumers are more willing to spend if it makes them happy. Health is of growing interest to consumers in Asia as affluence and education increase. Urbanization is transforming Southeast Asia’s consumer economy in several fundamental ways. Mintel analysts have amassed many years of building expertise in understanding Chinese consumers, which allows us to monitor and measure the spread of the influence of Chinese consumer behaviour into the wider Asia-Pacific region. Download the report to learn how 5 key trends … While South-East Asia’s working-age population will continue to rise faster than the global average, contributing nearly 70% of consumption growth in the region, elderly consumers are a group to watch; their numbers are growing the fastest of any age group at around 5% a year. Craving Convenience. When we look at the snacking trends in Asia Pacific, we can see that the topic is highly talked about by consumers in the region, with 94.1K mentions in the past 7 days alone. But the pandemic has changed the math. 5G technology will help to facilitate Mobility as a Service, all in one transport mobile apps that combine ride-sharing, car rental and public transport options into one platform, making for seamless customer journeys. The Covid-19 Pandemic is shaping a new world in terms of consumer behaviour and, with the uncertainty for the months ahead, marketers are more than ever looking for guidance. This would also imply growing strains on government budgets, especially if subsidy policies remain in place that shield consumers from paying market-based energy prices. Learn More. Southeast Asian consumers are young and increasingly affluent, living in a region where big-box retail is scarce. Even in India, where Citi is the largest foreign bank, the retail business might be spun off, according to local media reports. Consumer banking in South Korea, the Philippines, Thailand and Australia is under review. Going green: sustainable cities, homes and … It comes as no surprise that consumers around the world are spending more time online because of the pandemic. At the same time, diet-related chronic diseases are on the rise and there is greater focus on the role of food in overall well-being. Even HSBC Holdings Plc, which is scaling down its ambitions in North America and continental Europe, is pivoting to the region to grab the same … NEW DELHI: Consumers in Asia, especially India, China, Philippines are ready to accept the benefits of biotechnology derived foods, according to a consumer survey by the Asian Food Information Centre (AFIC). Meeting young Asian consumers where they are on social media can prepare brands for the future at a critical time. While there were not many opportunities for new consumer brands ten years ago, I believe that today is the golden age for new … This report is specially designed for companies looking to grow their presence in Asia and is based on the analysis of local experts across Kadence International’s 8 Asian offices. By 2040, Southeast Asia is projected to register a net deficit in payments for energy trade of over $300 billion per year, almost entirely due to imports of oil. Along with meteoric economic growth, China's young generation has started to join the main consumer force. We aim to expand … Why do we exist? Paurav Shukla, Glasgow Caledonian University. Consumer behaviour has been transformed as a result of Covid-19, as many shifts in behaviour have accelerated. Consumers in Asia buy luxuries for different reasons to the West July 29, 2015 1.20am EDT . Even HSBC Holdings Plc, which is scaling down its ambitions in North America and continental Europe, is pivoting to the region to grab the same … Consumers in Africa and the Middle East were next (45%), followed by those in Latin America (42%); those in North America and Europe tended to be relatively less likely to switch brands (36% and 33% respectively). Over time, consumers in Southeast Asia will shift from buying cars and motorcycles (either electric or fossil fuel-powered) to Mobility as a Service (MaaS). … It is driving economic growth, stimulating demand for services, and creating big concentrations of middle-class and affluent consumers with common tastes and interests. It was too early to give up on the Asian consumer. Kering’s sales in Asia-Pacific were up 18.5 per cent, while LVMH … We have created this article for companies looking to grow their online presence in the Asia Pacific region in 2021 and remain profitable despite the pandemic. MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard and published by John Wiley & Sons. Consumer trends in Asia: 2021. Get Started. Vocal for local – Consumers are looking to support brands closer to home However, the Asia Pacific region comes in second place with expectations it will surpass North America to be the world’s biggest ad spender by 2021. It shows how retailers must take concerns about sustainability extremely seriously. Infrastructure challenges in key cities and other factors are driving the growth of the digital economy. A cross Asia-Pacific, an already strong preference for digital, contactless consumption is rapidly growing and likely to continue unabated. Clean energy is on the rise, even in Asia, where fossil fuels play a stubbornly resilient role in the region’s energy story. The proportion of renewable energy consumed in Asia is projected to double within the decade. Adapting your marketing strategy is crucial for brands and it's interesting to see how marketers are switching the attention from the older generation, "the post-'80s generation", to "the post-'90s generation", especially "Gen-Z" (born in 1995 - 2000). The well-heeled among Asian consumers will still remain important to a Citi shorn of consumer banking. Without a doubt, Asian consumers are now more than happy to shop with these merchants who care about our planet and society,” he added. We’re seeing some trends of higher expectations of online experience from certain regions, with consumers in Asia Pacific (APAC) emerging as the most demanding worldwide according to recent data from Experian’s Global Insights Report.. Over 70 per cent of APAC consumers have higher … Update: November, 10/2020 - 11:47 | Percentage of Industrial Control Systems computers on which malicious objects were blocked by regions of the world. Changing demographics, control over purse strings – page 8 Women’s rising economic power in Asia – page 8 Financially independent – page 9 Household buying decisions – page 10 Women of influence in mainland China – page 11 2. Covid-19 hit Citi with $17.5 billion in credit losses and allowances, two-thirds of which were in … The well-heeled among Asian consumers will still remain important to a Citi shorn of consumer banking. India and the Philippines appear to have the most health. But in 2021, this is perhaps more significant than ever. “With the overwhelming majority of consumers actively or passively open … The digital consumption habits of consumers, whether globally or in Asia Pacific, has seen tremendous changes in response to the pandemic. Asia-Pacific consumers have the highest readiness to change their brand, with 47% willing to try new brands and switch. While the economic outlook for Asia is favorable over the long term, with expectations of healthy economic … We operate the world’s fastest payments processing network, connecting … Asia Pacific leads worldwide in contactless usage; majority of consumers believe it is the cleaner, safer way to pay SINGAPORE – APRIL 29, 2020 – During February and March, as many countries imposed or strengthened social distancing measures due to COVID-19, a significant majority of consumers turned to contactless card payments for necessary purchases. The key to the Asian consumer story is the rise of the middle class. New data and research show that, increasingly, consumers in Asia are factoring in sustainability when making purchasing decisions; and that is a trend likely to continue. We accelerate growth by connecting financial institutions with millions of consumers in Asia. COVID-19 reduced impulse occasions, and walk-ins are now pre-planned. Looking ahead to the trends that will shape the coming year is a critical exercise for any business. More than 80% of consumers in China (81%) and Indonesia (86%) are more aware … Unsurprisingly, a large portion of these conversations are positive in nature. About MasterCard. This large volume of data presents a great opportunity to further explore the trends driving these conversations, and dive deeper into the snacks … During his presentation, Yoshiaki Okabe — Chief Brand Innovation Officer at personal care giant Shiseido — explained that this is why his company’s messaging and marketing has become increasingly … The main ways Asian consumers deal with this stress is through mobile games – a growing market all over Asia- and small “indulgences” for happiness. Bain expects Gen Z consumers to make up 10 to 15 per cent of the global personal luxury market by 2025, and as the pandemic continues, luxury is relying on Asian recovery to recoup sales, particularly in China. The first woman to lead a major Wall Street institution is planning a big push into wealth management. The first woman to lead a major Wall Street institution is planning a big push into wealth management. People want the convenience of the pre-pandemic world back. Yet it is less of hope and more of underlying economic and financial conditions that will determine Asian consumers’ prospects in 2020. The Asia region resource centre on nutrition, health and food safey has concluded that biotech foods will likely become an increasing and well accepted feature of the Asian diet in the light …