Top 10 Consumer Trends in Emerging Asian Markets Revealed
SINGAPORE –Market research company Euromonitor International released today a new report highlighting the industry impact of consumer trends in some of the most promising emerging Asian markets: Bangladesh, Sri Lanka, Myanmar, Cambodia and Laos.
According to the new research, these five markets are witnessing fast-growing middle class, rapid urbanisation and rising influence of social media. “The new urban consumers are quickly and enthusiastically adopting global trends, often spurred by social media. Regional trends are also rapidly adopted through the fast-growing popularity of Korean pop music, Bollywood movies and Western TV series. With the opening of borders, more wealthy consumers have the chance to travel, while more economic migrants spend at least some period living and working abroad”, says Research Manager at Euromonitor International, Ivan Uzunov.
Another element signaling the strong growth in these countries is the increasingly modern retailing environment and the development of e-commerce. Despite the limitations of the local infrastructure and the large rural population, these five countries have high potential as several established modern retail chains and e-commerce platforms are investing here. “Mass marketing via TV, radio and printed media still represents the best way to approach the bulk of consumers in the emerging Asian star markets. However, in order to be successful, each campaign should include educational elements that debunk the local stigma on some of the imported products, especially when it comes to over-the-counter medicine or tissue and hygiene products,” adds Uzunov.
“Expanding into the markets of Laos, Cambodia, Myanmar, Sri Lanka or Bangladesh may be challenging, as investors would face various administrative difficulties and a lack of infrastructure, as well as the distrust of local consumers. However, the quickly expanding urban middle class and the rapid growth in the disposable income of the population will ensure success for the first movers in the longer term, and may contribute substantially to the success of the market players”, concludes Uzunov.
Other trends highlighted in the report include:
- Modern retailing making inroads
- Internet retailing grows, but slowly
- Urbanisation drives sales of packaged food
- Dynamic soft drinks market shows strong potential
- Demographic and social shifts boost alcoholic drink sales
- Tobacco growth slows in some countries
- Beauty and personal care consumers remain conservative
- Weak public healthcare systems shape consumer health
- Home care market remains in its infancy
- Tissue and hygiene products not widely used
Click here to download the free report
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