Even since before the pandemic, the behaviors of consumers in Asian countries were already shifting. The digitalization was reimagining how many consumers work, live, consume, and play. However, you still need to learn the latest Asia consumer trends before entering the market.
The pandemic accelerates some consumer trend’s changes. This leads the consumers in Asia to reprioritize the things they value. It is not only about what those people buy but also about how they are going to live their lives. Consumer companies must understand what drives the lifestyles of consumers.
Asia Consumer Trends Behavioral Shifts That Are Most Dominant
While the behaviors of individual consumers are going to be volatile in the future, many consumer companies can accommodate the consumers’ needs in five different key areas. Those five areas include value, sustainability, health, omnichannel, and experiences.
Finances concerned consumers are becoming more price sensitive. Companies must review their value chains and overall portfolios in order to consider whether they can provide quality alternatives at low cost. They also need to compete effectively with private labels and store brands.
Offering products at the best price isn’t the only thing you should do. When delivering the results of the consumer research in Asia, consultants will suggest your company to be transparent, especially about your company’s environmental impact.
The pandemic makes people see how important their wellness, fitness, and health are. Asian consumers are now concerned with protecting their health. People are now willing to shop healthier products that can keep them healthier and safer at home.
Companies may have to cater to the hygiene market for homes, such as nutrition, cleaning, fitness, and also beauty products. This may require companies to explore healthier formulations and reshape their product portfolios but the results can be amazing.
Consumer research in Asia shows that many consumers who move to online shopping will sustain their behaviors to shop online. However, the digital engagement extent may shift. Interaction between offline and online will be much more important than ever.
Consumers, especially the younger ones, are also willing to taste unique experiences. This means consumer companies can offer new products that fit various ranges of budgets. About 64% of consumers in Asia Pacific are ready to share their personal data in order to get custom experience.