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Retail in Asia

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 * In Markets
   * Travel Retail
   * Greater China
   * South East Asia
   * North Asia
   * Rest of Asia
 * In Sectors
   * Fashion & Accessories
   * Beauty, Fragrance & Health
   * Food & Beverage
   * Lifestyle & Services
   * FMCG
 * In Trends
 * In Tech
 * In People
 * InTelligence
   * Market Insights
   * Retail Rents Map Hong Kong
   * Retail Rents Map Malaysia
   * Retail Rents Map Shanghai
   * Retail Rents Map Vietnam
 * In Events




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Featured


TOP 10 GLOBAL CONSUMER TRENDS TO WATCH IN 2022

EUROMONITOR 22 hours ago
Source: Shutterstock

Change was the only constant over the past two years. Resilience and
adaptability were tested in 2021, forcing consumers to relinquish control and
embrace ambiguity. This year, consumers are taking back the reins and paving a
path forward based on their passions and values.

Based on Euromonitor International’s Top 10 Global Consumer Trends 2022 report,
Retail in Asia reveals the emerging and fast-moving trends and personas that are
expected to gain traction in 2022:

SEE ALSO: The China Files: What Chinese consumers want in 2021

CLIMATE CHANGERS

Eco-anxiety and the climate emergency drive environmental activism for a
net-zero economy. In 2021, 67 percent of global consumers tried to have a
positive impact on the environment through their everyday actions. They expect
brands to step up and are taking action through the products they purchase.

To respond, businesses are tapping into the growing market for carbon
neutrality. Companies are adjusting their portfolios to meet consumer demand for
products with a lower planetary and ecological footprint.

BACKUP PLANNERS

Due to limited resources, consumers are struggling to secure their go-to
products. They find creative solutions to purchase or search for next best
options. 28 percent of consumers tried to purchase locally sourced products and
services in 2021.

Localisation and optimisation will become the norm. Supply chain shortages are
forcing businesses to pivot and provide new solutions for customers to access
products and services.

DIGITAL SENIORS

Older consumers become savvier tech users and are empowered to make purchases
through the digital channel.

Asia Pacific is the home to the largest number of older people in the world and
is rapidly ageing. The population in Asia Pacific aged 65+ will grow a massive
95 percent between 2021 and 2040 to reach over 767 million by 2040.

According to the survey, digital seniors in Asia Pacific are more motivated than
in any other region to buy online due to product information, comparisons and
reviews at their fingertips. Over a quarter of respondents in Asia said that
this was a key motivating factor, compared to 19 percent in North America.

Businesses have an opportunity to tailor their digital experience to target and
meet the needs of this expanded online audience.

Source: Euromonitor International

FINANCIAL AFICIONADOS

Uncertainty, instability and lockdowns caused certain consumers like “Thoughtful
Thrifters” to spend less and save more. Those with discretionary income became
Financial Aficionados, increasing financial literacy and finding alternate
income streams. More than half of global consumers believe they will be better
off financially in the next five years.

The banked population across emerging and developed countries continues to
increase, giving consumers access to money management tools. Businesses are
capitalising on this newfound financial freedom and are responding with
resources that give consumers more control and confidence. Retailers and brands
should collaborate with financial service corporations to facilitate alternate
forms of payment.

THE GREAT LIFE REFRESH

Consumers now focus on personal growth and wellbeing, making drastic life
changes that reflect their values, passions and purpose. With this, consumers
now have a higher appreciation for work-life balance. They are changing careers
or leaving the workforce entirely to discover or pursue their purpose.

Companies catering to this trend stand to be seen as partners, helping consumers
adapt to a new way of life. Businesses should tailor marketing to acknowledge
and support consumers’ decisions to take action.

Source: Euromonitor International

THE METAVERSE MOVEMENT

With strict social distancing requirements, consumers learned how to stay
connected. Consumers are embracing immersive, 3D digital ecosystems to socialize
with communities. Global sales of AR/VR headsets grew 56 percent from 2017 to
2021, reaching US$ 2.6 billion last year.

Brands, for example fashion brands and retailers, are leveraging social
platforms such as TikTok to crowdsource content and designs, promote products
and train associates on how to build followings.

PURSUIT OF PRELOVED

Consumers are moving from an owning to an experiencing mindset. Secondhand
shopping and peer-to-peer marketplaces flourish as consumers seek unique,
affordable and sustainable items. One-fifth of consumers will consider
increasing purchases of secondhand items in the future.

Companies are implementing new business models and embracing the circular
economy to respond. This trend has been prevalent in the apparel industry for
years but is expanding into other fast-moving consumer goods.

Source: Euromonitor International

RURAL URBANITES

Suburban and rural communities offer more spacious housing and greener scenery.
Last year, we expected consumers to relocate to rural areas temporarily or spend
more time in nature. This year, “Rural Urbanites” are making this move
permanent.

Not all consumers are ready to give up urban life. The need for green spaces
near homes and faster, cleaner commutes is reshaping dwelling preferences for
“Rural Urbanites” who stay in the city.

The shift would result in new business opportunities emerging alongside this
mass relocation influx as consumers are moving both within and beyond city
limits.

With this trend, brands need to adjust their strategies to retain customers.
Businesses that strengthen e-commerce distribution, expand sustainable product
lines and cater to Rural Urbanites will emerge as winners.

SELF-LOVE SEEKERS

Acceptance, self-care and inclusion are at the forefront of lifestyle choices
and spending habits as consumers embrace their truest selves. These consumers
invest in taking care of their bodies and minds, splurging in ways that match
their lifestyles.

Products that evoke physical, emotional or spiritual wellbeing will resonate and
enhance the lives of these Self-Love Seekers, resulting in better customer
loyalty.

THE SOCIALISATION PARADOX

Fluctuating comfort levels create a conflicting return to pre-pandemic life.
Certain consumes are eager, whilst others are hesitant, to resume their normal
activities. In 2021, 76 percent of global consumers took health and safety
precautions when leaving home.

The Socialisation Paradox is a behavioral phase influencing consumer habits.
Consumers want to socialise but demand a flexible approach. Businesses should be
receptive and provide a seamless experience with innovative and adaptive
solutions.

SEE ALSO:  Meet the five consumer personalities redefining Asian retail in 2021

In today’s world, past purchasing habits do not necessarily imply brand loyalty.
Customers are moving. Businesses must move with them or risk losing them.
Businesses need to evolve as quickly to meet consumers on their terms.
Businesses should consider partnerships with other players across sectors to
share resources, expand reach and achieve objectives beyond their current
operational capabilities.


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Tags consumer trend Euromonitor International global Retail

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