“Bold Moves: Leading Southeast Asia’s Next Wave of Consumer Growth” is the sixth report in a series on future consumer trends. This report, published in 2023, provides insights on how consumer habits in the region are changing in the evolving post-pandemic digital landscape.
Key findings include:
- Consumers are reprioritising what they perceive to be “needs” vs “wants”, with things like social media, streaming, and previously cited luxuries moving from “wants” to “needs”.
- Gen Z is an influential segment due to their size and growing spending power. Gen Zs currently make up 23% of the total SEA population. Single households are also expected to increase by 20% especially in Thailand, the Philippines and Singapore, and will start to redefine business engagement models.
- All generations in the region are spending more time online and experimenting with new technologies such as AI, VR and healthtech, presenting businesses with significant opportunities to use these technologies to engage their consumers. However, 73% of business leaders surveyed admitted that they were not prepared to seize these opportunities.
- Insurgent disruptors, which are new entrants that grow five times quicker in revenue than their category growth rate, are increasingly gaining market share by addressing these evolving consumer trends. They are now responsible for US$52 billion (S$70.5 billion) in revenue in SEA alone and account for 23% of the market share in 2022.
Download the full report to learn how businesses can effectively engage consumers in a region with some of the fastest growing digital economies globally.
This report was produced by Bain & Company, Meta, and DCG Consumer Partners.
