Asian consumer trends

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Product innovation, consumption upgrades, physical store growth and e-commerce development are still the main driving forces for fast consumer products to maintain their dynamic growth. In a more complex and diverse consumption environment, we need to better understand the trend of people, product and place through data analysis. So, what consumer trends will emerge in upcomingand how will these trends drive business innovation and marketing innovation?

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The change of lifestyle, the increase in income, and robust technology solutions and retail strategies, trade policies, and regulations between countries are some contributing factors. However, where are the Chinese consumers heading this ? Here are the Chinese consumers and internet trends you need to watch out:.

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Cambodia leads the pack with a rapid GDP growth rate of 6. Southeast Asia can count on its young demographic as a major driver of this change. The younger, tech-savvy population have delivered a digital wave — pushing the region to embrace trends such as ecommerce, social media marketing, and digital financial services.

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Millennials are driving the trend of consumers moving away from 'things' and towards 'experiences'. Mumbai: With more than six times as many millennials in Asia as in the US and Europe combined, the Asian millennial is expected to reshape the global consumer market, said private equity giant KKR on Wednesday in its Global Outlook report. Nowhere is this shift more prevalent than in China, with its outsized millennial population, which KKR pegs at around million, as against a 66 million millennial in the US.

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According to the whitepaper, millennials and generation Z are driving new consumer trends in China, such as the increasing demand for premiumization in everything from mobile digital purchase to cosmetics and the need for ethical, social and environmental positioning in products. Following on from Millennials, Generation Z represents the next wave of ethical consumers who take social and environmental issues seriously. Gen Zers expect brands to be transparent and accountable for their environmental and social impact.

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But, with long-term economic prospects on a firm footing, consumer spending in Asia is set to continue rising and is a force to be reckoned with. Back in —, when global financial markets plunged into turmoil, many Asian economies turned to their domestic consumers for help. A quick look at key consumer indicators in Asia reveals that consumers in the region may not be able to pitch in as much as they did nearly a decade ago.

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Across Asia, rising incomes are creating an enormous new class of consumers. Much of that growth is coming from China, whose working population is larger than those of the US and Europe combined. As more Chinese consumers gain purchasing power, their needs and preferences will have a powerful effect on the global economy.

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Venga Global is excited to launch our first guest-post from Foresight Factorya global consumer analytics company, specializing in trends who continuously scours the globe to identify the critical trends and disruptors, by sector and market. As the world becomes more globalized, the notion of a purely local trend gets weaker every day. But trends do evolve at different rates and in different ways in each country, often due to infrastructure and relative wealth.

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