Page 11 - EM - Export Magazine Perfumery Edition

R E P O R T

than solely focusing on the significance of technology and
digital media is crucial to thriving in the diverse ASEAN
market. Trend 1 Trend 2 The New ASEAN Consumer 8
TREND 3- Health Is Wealth: The Rise of Health and
Wellness in ASEAN unlocking Value: The Key to
Understanding the Importance of Pricing The ASEAN
Experience Economy: How Entertainment, Tourism,
and Leisure Are Driving Consumer Trends The Green
Revolution: Invest in Sustainability Now for a Better
Future Paying attention to health and wellness is a trend
that has accelerated during COVID-19 and is expected to
stay. Consumers are increasingly demanding healthier
alternatives in the products they consume. Providing
a choice of healthy, organic products is going to be very
important going forward.
TREND 4- unlocking Value: The key to understanding
the Importance of Pricing. With rising income levels,
ASEAN consumers are expected to increase spending on
indulgences and luxury goods, prioritising convenience,
well-being, and personalized experiences. Despite this,
price remains a top consideration for 62% of high-income
consumers, indicating a continued focus on value.
TREND 5- The ASEAN Experience Economy: How
Entertainment, Tourism, and Leisure Are Driving
Consumer Trends Increasing leisure time, growing
disposable incomes, and a growing market have seen
more and more people in ASEAN spend time and money
on entertainment, tourism, and leisure activities. This is a

The New ASEAN Consumers quick growing market that has both been affected by and
benefitted from COVID-19 and is expected to continue an
The six trends that have been identified in the ASEAN upwards trajectory going forwards.
region as driving the future of consumption are as follows: TREND 6-The Green Revolution: Invest in Sustainability
TREND 1- Think Local, Be Local: The Importance of Now for a Better Future. As sustainable practices gain
Going Local in ASEAN. The significance of localisation momentum, it will increasingly become a requirement for
was consistently emphasised as the most crucial approach ASEAN consumers when looking at brands and products.
for targeting the ASEAN market. This entails adapting While currently below global standards, demand for
products, marketing strategies, production, and supply sustainability is expected to surge in the coming decade
chains, to brand yourself as a local firm. ASEAN comprises a with growing consumer and institutional awareness,
diverse market with many different consumers, urbanised coupled with a willingness to pay. Trend 4 Trend 5 Trend
cities, and therefore, consumption habits but what unifies 6 Trend 3 The New ASEAN Consumer 9 From these trends,
the business strategy in these markets is the importance the below three recommendations have been developed:
of being branded as a local player. However, there are RECOMMENDATION 1: Build a Digital Space Battleplan-
exceptions to this rule, especially in luxury branding, where 1. Develop a triple-growth engine across traditional
capitalizing on foreign heritage may be advantageous. trade, modern trade, and e- commerce, focusing
TREND 2- From Bricks to Clicks: How ASEAN Retailers on personalised marketing through data-driven
Are Adapting to the Digital Age Technology and digital approaches and AI technologies.
media are acknowledged as essential by business owners 2. Utilise digital channels, including social media and
and leaders in the ASEAN region. However, developing ASEAN e-commerce platforms, to understand, segment,
an integrated omnichannel strategy to reach diverse and engage with consumers, while incorporating local
consumer segments efficiently and conveniently, rather influencers and loyalty programmes.

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