Our partners at Kadence International have conducted research on understanding the impact of consumer trends in Asia 2021:
The Consumer Trends in Asia 2021 report covers:
Looking at consumer trends in Asia post COVID-19
Understanding upcoming consumer trends is a critical step for many businesses. Now that COVID-19 has impacted consumer behaviors significantly, insights into consumer trends become more important than ever. This report is designed for businesses that are looking to expand their presence in these 8 countries; China, India, Singapore, Thailand, Vietnam, Indonesia, the Philippines, and Japan. Each of these countries has its own distinct trends and characteristics. This report then explores how these new trends play out differently in different Asian markets and is expected to be a valuable addition to consumer insights.
Vocal for local
The economic turmoil result of COVID-19 has made consumers more aware of the impact of their purchasing decisions. As a response, there is more support for local brands, which is expected to be a significant consumer trend in 2021.
In light of this, national brands that can significantly emphasize their heritage, brand story, and local connection can be in a pole position to build stronger relationships with consumers. For global brands, this means that MNCs that are able to demonstrate a real understanding of the market and its distinct culture will reap the rewards.
Looking for action
COVID-19 has somehow pushed consumers to rethink their relationship with brands. Through the research conducted, it is found that 62% of Asian consumers believe that brands need to reevaluate their role in society in the post COVID world. The expectation that brands should contribute to the communities they serve definitely varies between markets. But this sentiment is particularly strong in Vietnam, India, China, Indonesia, and the Philippines. This sentiment might set a precedent for companies’ future trends.
Racing towards a digital future
For many years, pandemics and seismic events have been the catalyst for technological change. COVID-19 is not an exception. In response to lockdowns and social distancing regulations, businesses and consumers have significantly adopted online solutions. A survey conducted by Bain and Facebook found that 30% of consumers in 6 Asian countries (Singapore, Malaysia, the Philippines, Indonesia, Thailand, and Vietnam), have increased their online shopping.
The economic impact left as a result of COVID-19 has pushed consumers to consider the importance of value. Bain’s study of digital consumers found that 57% of respondents in Southeast Asia are prioritizing value for money in their purchases. The trend towards saving is also prevalent in China, with a recent McKinsey survey showing that 42% of young people in the country plan to save more as a result of Covid-19. What this means for businesses is that they will have to work harder to articulate the value and benefit of their products.
Health is wealth
The experience of the pandemic has left health to be high on consumers’ agenda. This trend plays out in a number of different ways; the first is in the rising demand for healthier diets. In line with this renewed focus on health, the majority of consumers are also cooking more for themselves and consuming more fruit and vegetables than before the onset of the pandemic.
Thanks to the rise of free at-home workouts, fitness has also found new audiences and taken on new relevance. This might set a precedent for future trends.
If you wish to learn more about the topic, click on the pop up at the bottom of your screen to download the report.
This report was initially published by Kadence International. Greenhouse has received permission from Kadence International to distribute the report.