Page 10 - EM - Export Magazine Perfumery Edition

R E P O R T

NEW ASEAN

CONSUMERS

What’s influencing Chinese millennial travellers

WE ARE gRATEFUL TO EUROgROUP CONSULTINg

AND MICHEL BEAUgIER FOR gRANTINg US THE

PERMISSION TO PUBLISH THEIR LATEST REPORT

ON NEW ASEAN CONSUMERS; IT gIVES AN UPDATED

INSIgHT ON WHAT’S gOINg ON AND, ABOVE ALL, THAT

THE ASEAN MARKET IS FOCUSINg ON WHAT’S NExT

ASEAN countries have experienced strong economic growth, a countries, exemplified by the different languages, religions,
rapid rebound from COVID-19, sustained demand for exports, and ethnic groups across countries. However, consumer
urbanisation, digitalisation, increasing focus on sustainability, classes in ASEAN can be broadly classified as follows:
and an influx of foreign direct investment. These factors, along Gen-Z: Digital natives, prefer personalisation and
with shifting global value chains, make the ASEAN region a sustainability; fastest-growing segment; target through digital
highly favourable environment for businesses and investors channels, mobile experiences, and social responsibility.
looking to expand. Trade and investment agreements, such Millennials: Value authenticity, convenience, experiences, and
as the EU-ASEAN Free Trade Agreement, the EU-Vietnam social responsibility; still significant consumer class; target
Free Trade Agreement, and the EU-Singapore Free Trade with authentic, convenient, and unique experiences through
Agreement, provide preferential market access for foreign digital and mobile channels.
firms, including those from France. These agreements, along Aspirers: Seek upward social mobility, brand prestige, and
with collaborations in areas such as research, innovation, convenience; growing consumer class; target with aspirational
human capital development, and cultural exchange, create and prestigious products, value, quality, and convenience.
ample opportunities for businesses looking to enter or Middle Class: Prefer quality, value, health and wellness, and
expand in the ASEAN market. To succeed in this diverse convenience; key driver of economic growth; target with
region, companies must adopt tailored strategies that cater to quality, value, health and wellness focus, convenience, and
each country’s unique qualities and preferences. The ASEAN eco-friendliness.
region is home to a diverse range of consumer profiles that Affluent Class: Prefer luxury, fine dining, technology,
differ from country to country and even city to city. The first and health and wellness; growing consumer class; target
thing that we can point out to explain the diversity between with luxury products, strong brand awareness, and digital
ASEAN consumers is first the cultural differences across platforms.

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