Millennials, born roughly between 1980 and 1995, are a major driving force behind the global economy – more so in Asia, where they comprise about a quarter of the region’s population. They are driving changes in lifestyles, including consumption patterns, culture, leisure activities, and digital-native behaviour, among others.
Mobile: As digital natives, Asia’s millennials use mobile devices for all forms of consumption, banking, learning and entertainment. Mobile e-payments are also the favoured means of payment.
Social: They connect and form micro-communities and subcultures that span geographical barriers through digital platforms. Influencers and social networks, particularly through video, have a major impact on purchasing decisions.
Borderless: With deeper and broader tastes, Asian millennials are comfortable buying online and from overseas vendors, and a large majority of them use digital or mobile wallets to make purchases.
Read these strategies in-depth with this exclusive Asia’s Digital Millennials: Opportunities for Businesses report by the Economist Intelligence Unit.
Go online and build offline: Businesses should match their online presence with an offline experience, building trust and awareness by giving customers a chance to touch and try products.
Build a frictionless customer experience: By incorporating local payment platforms into online services, companies create a fuss-free purchasing journey.
Tap unlikely partners: By partnering up—even with competitors—companies can plug any gaps in their current offerings and innovate new products.
A “digital-first” local team: Strong teams on the ground, instilled with an agile, digital mindset, are a must for businesses looking to succeed in the region.
Southeast Asia is a key sub-region, where both millennials and Generation Z – the youngest generation of consumers – will make up 75% of ASEAN consumers by 2030. As long-term consumption growth converges with accelerated digitalisation, Southeast Asia’s consumer markets have reached an inflection point, presenting immense growth potential for businesses.
Here are a few of the megatrends shaping the region:
