In recent years, Southeast Asia is increasingly asserting its position and role in the world economy. Besides the newly industrialized economies (NICs) such as Thailand and Singapore, countries such as Vietnam or the Philippines are experiencing extremely strong growth rates and outstanding achievements.

Recently, the Covid-19 pandemic has dealt a heavy blow to the global economy. Although it also suffered a lot of damage, but with good epidemic prevention and control and a highly resistant economy, ASEAN countries, especially Vietnam, are embarking on economic reconstruction, taking advantage of the opportunity. shining society


8 xu hướng tiêu dùng của thị trường Đông Nam Á



ASEAN countries are developing strongly economically.

Appreciating the development speed of the ASEAN market, the World Economic Forum WEF decided to choose this region as the research topic of the Future of Consumption in High Growth Markets 2019-2020 project.

First, the market size will double thanks to the rise of the middle class. According to predictions of the Asian Development Bank (ADB), by 2030, the middle class will account for about 67% of Southeast Asia's population, of which the highest proportion belongs to Indonesia with about 75%.

According to WEF experts, the F&B industry will benefit greatly from this trend, especially in Vietnam and the Philippines - where the average person spends about 40% of their income on food services.

Second, consumers increasingly focus on the intrinsic value of the product. This is believed to be the result of social distancing orders that caused a sudden increase in demand for necessities, while luxury goods saw a significant decline.

The average income of the people is increasing, but luxury items such as supercars, watches, and high-class handbags will no longer be favored, instead products with prices associated with the price. use value, especially high-tech electronics.

Third, a digital presence is a must. WEF research shows that, in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, people spend more than 4 hours a day on average using mobile phones. This number is up to more than 8 hours for Generation Y and Generation Z (the demographic group born from 1982 to the early years of the 21st century).

8 xu hướng tiêu dùng của thị trường Đông Nam Á 1

Young people in Southeast Asia spend more than 8 hours a day on mobile phones.

According to market research organization Bain, 65% of consumers surveyed said they are willing to change a familiar brand if it is not present on an online platform like competitors.

Fourth, technology will remove economic barriers. The pandemic has boosted technological conveniences by the efforts of citizens and governments to access and distribute necessities.

This creates great advantages for e-commerce and payment activities, as consumers gradually get used to these methods. This is also key to removing barriers to trade, including physical distance and consumer psychological concerns.

Fifth, local brands will prevail. Accordingly, people in Southeast Asia increasingly prefer to use reputable local brands because of their proximity, better response to customer needs and competitive prices.

Sixth, omnichannel presence becomes an urgent requirement for businesses. Along with the popularity of digital, consumers are increasingly active on many communication channels, from books and television to websites and social networks.

Commerce is no longer just a one-way trade, it also requires a multi-channel presence. In this trend, offline retail channels will be gradually restricted, replaced by online interactions.

Seventh, convenience becomes a deciding factor in purchasing decisions. The more the economy develops, the busier people become and are willing to pay for products and services that come with utilities to save time.

According to a Bain survey, two-thirds of people in Southeast Asia said they would be willing to give up certain privacy and security rights in exchange for convenience.

Finally, sustainability is a non-negotiable requirement. Accordingly, Southeast Asian consumers increasingly attach importance to environmentally friendly products as well as safety for the health of themselves, their families and the community.

Source: TheLeader