The Philippines’ most positive on country’s economy improved within one year to 58 percent, 23 percent higher than the regional average of 35 percent. It is also the most upbeat country in relation to the enhancement of their personal economic situation in the upcoming 12 months, with 77 percent being confident, 17 percent more than the regional average of 60 percent
GfK’s Consumer Trend Study 2022 report studied the issues that concerned consumers in Southeast Asia, India, and Taiwan. These matters will be discussed at the “GfK Insight Summit 2022: Winning the new consumerism in APAC,” to be held on August 18, 2022.
In the post-COVID-19 era, understanding the forces that impact consumer attitudes and decisions and their effect on businesses is essential as the forces of supply chain challenges, conflict, climate change, soaring inflation, and energy and oil prices loom ahead. Helping consumers pursue their vision of a better life, involving material products such as nice clothes or intangibles like health and leisure would ease their navigation in an uncertain and volatile world.
“A new world has emerged. Consumers across the Asia Pacific are adapting and recovering to a new consumerism order amidst global unrest and heightened economic pressures alongside newly adopted consumer choices and behaviours. And therefore, to better understand how to succeed in a rapidly changing environment, organisations need to pivot their strategies with agility. The key is to be ‘fluid’ in your market approach. During GfK Insight Summit, industry leaders will take a fresh look at winning the new consumerism in the Asia Pacific,” said Karthik Venkatakrishnan, Marketing & Consumer Intelligence, APAC Lead, GfK.
Confidence shifts vary across markets
According to the GfK Mood of the World Study, people reported feeling happiest in India and Indonesia at 29 percent and 23 percent, respectively, aligning with their upbeat mood in other aspects. Optimism about the future is more prevalent in developing markets, while in developed markets, people tend to be equally divided in their opinions.
Singapore is the second most optimistic nation concerning the country’s economy improving within one year at 38 percent, followed by Malaysia at 27 percent, Taiwan at 17 percent, and Thailand at 15 percent. Regarding the uplifting of their personal economic situation in the upcoming 12 months, Singapore and Malaysia equalised in second place at 58 percent, followed by Taiwan at 54 percent and Thailand at 41 percent.
Inflation and high prices are a major concern for Asian consumers
Inflation and high prices are the primary concern in Singapore and Taiwan at 70 percent, Malaysia at 56 percent, and the Philippines at 52 percent, the second highest concern in Thailand at 52 percent, with the top concern being recession and unemployment at 53 percent.
Asian consumers emphasise family, authenticity and honesty as their key personal values
Protecting the family was deemed most important in Malaysia, the Philippines, and Thailand, while placed in the second and third highest ranks in Singapore and Taiwan, respectively. Authenticity is the third most important in the Philippines and Thailand, fourth in Malaysia, and fifth in Singapore and Taiwan. In comparison, honesty is the second highest in Malaysia, the Philippines, and Thailand, the third highest in Singapore, and the eighth in Taiwan.
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