Business trends in ASEAN this year are dominated by digital and technology. The pandemic forced many businesses to adopt the new technology. Asia becomes the climate change center in 2021 since it has urbanizations at incredible rates.
The urbanizations deliver a big upswing especially in nation building and productivity. Unfortunately it can also have devastating effects especially on the environment. The loyalty and consumer behaviors of Asian people also change in 2021. Get more details about them below.
The Consumer Behavior in ASEAN
Half of the world’s spending growth is going to come from countries in Asia for over the upcoming decade. It is truly important to understand the consumers from Asia. Consumers from Asia are expected to account for about a half of the world’s consumption growth for the upcoming decade.
It offers the opportunity of 10 trillion USD consumption growth. The strong consumption prospects in ASEAN especially reflect the poverty’s falling rates but rising in the spending power and incomes. Capturing the growth requires you to understand the diversity of the region.
You should also understand the Southeast Asia market trends and consumer behavior that changes rapidly. Get to know Indonesian Gen Z gamers, Chinese millennials, and Indian shop owners.
Business Trends in ASEAN to Respon the Pandemic
Asia responded to the pandemic quickly and efficiently by enabling technological capabilities in four ways. First way is building technology capacity at a high rate. Over a decade, countries in Asia accounted for more than half of the world’s growth in the revenue of huge technology companies.
Second, the populations in Asia are also digitally adaptable. About 2 billion users of the internet in Asia are highly engaged consumers of digital. Nine of the top ten countries with the biggest mobile purchase penetration actually are from Asia.
Third, businesses in Asia are also digitizing rapidly. Transactions with digital banking for example, are 1.6 to 5 times as frequent as the branch transactions in Asia.
Decoding Performance and Value of Asian Corporate
The pandemic is one of unprecedented world’s challenge after World War II. This pandemic is not only a crisis about public health but also disrupts the supply chains and will permanently change the conventional business practices to the next normal.
However, Asia was able to come through the previous crisis periods and was able to emerge stronger for the crisis. There is always a reason for businesses to believe that Asia can do the same thing again. Asian companies can make performance improvements that are significant in 5 different sectors.
Business Trends in ASEAN in Promising Sectors
The first promising sector in Asia is pharmaceuticals. The country is the second biggest pharmaceutical market in the world. The second sector is consumer goods. Asia becomes the consumption center in the world since the incomes across the countries are rising and boosting the spending power.
Third promising sector is the materials and energy sector. Real estate is the fourth promising sector in Asia but the companies of real estate will have to develop the new competencies to manage the diverse portfolios. Finally, the last promising sector in Asia is the banks.
As the income in Asia rises and there is expansion of the middle classes, the banking sector has the opportunity to grow. Are you ready to enter the right sector in Asia?
