The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
The ASEAN Economic Community (AEC) is proclaimed on 31st December 2015, yet the date is expected to pass without much fanfare as the ASEAN has yet to deliver on many of its targets for the implementation of a single market and production base while at the same time many local businesses have not got a pan-ASEAN strategy in place and are therefore not ready for economic integration.
It is however more than ever before relevant to ask what the average ASEAN consumer looks like, because a detailed understanding of the ASEAN and its consumers is essential for companies to come up with an appropriate sales and marketing approach to seize opportunities in the AEC.
Source: Euromonitor International from national statistics/Eurostat/UN/OECD
Note: Data are forecasts in 2014 constant prices, fixed exchange rates.
Such diversity across Southeast Asia means that businesses should not rely on a “one size fits all” strategy for the entire region. Instead, businesses should either continue to tailor their approaches for specific countries at least in the short to medium term; or if looking to expand their operation across the AEC, identify cross-country consumer segments in order to be more targeted in their approach.
Beyond the diversities and differences, ASEAN consumers are young, aspirational and increasingly connected (with over a third of the ASEAN population being connected to the internet, and the most internet traffic in the region coming from mobile devices). They also share a strong work ethic that stems from their desire for an improved quality life and greater wealth. This makes the AEC a compelling market, one in which businesses can explore and seize the endless opportunities that integration and diversity can offer.