Current and Future

Drivers of Asia Pacific

Consumer Markets

Radhika Singal, Consultant - Health, Beauty and Fashion

 2

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at time of publication: October 2021

This is an extract of Current and Future Drivers of Asia Pacific

consumer markets report.

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INTRODUCTION

About Euromonitor International and Passport

Euromonitor International is a global market research company providing

strategic intelligence on industries, companies, economies and consumers around
the world. Comprehensive international coverage and insights across consumer
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INTRODUCTION

Introduction

 The Asia Pacific economy is expected to rebound in 2021 with real GDP growth of 7.1%, fastest of all regions,
on the back of improved consumer and business confidence. The path to recovery, however, remains uneven
across countries due to differences in infection control, vaccination speed and stimulus scale. Uncertainty
continues to reign given recent uptick in infections in parts of Asia and the region is still months away from
herd immunity.
 Asia Pacific was the most economically resilient region in 2020 and is expected to lead global recovery in 2021.
The region will also see GDP per capita more than triple by 2040, speeding up the region’s rise as a global
economic power. Tapping into the demand from Asian consumers will thus be key to the growth of
multinational companies in the years to come.
 Today’s consumers demand unforgettable positive experiences from digital engagement, tailored narratives to
a frictionless, efficient service with wellness and empathy at its core. By putting the customer at the heart of
strategic thinking, businesses can give consumers what they want as well as build trust and loyalty, and
ultimately strengthen brand image and grow sales.
 The report will explore the key themes transforming consumer behaviour in Asia Pacific in the world beyond
the pandemic, namely Digital Living, Rethink Wellness, Sustainable Living, Make My Life Easier and Search for
Experiences, and the strategies businesses should invest in to stay relevant, to build on existing brand equity
and to create future resilience.

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INTRODUCTION

Key trends in brief

Historic Forecast
Trend Expected long-term implications
significance significance
Digital living is now key to the customer journey in all industries.
Asian consumers are becoming familiar with advanced holistic
Digital Living
high-tech platforms, super app ecosystems and enhanced last-
mile delivery solutions to create easier, smarter lives.
Demand for wellness has been boosted by COVID-19, with
Rethink consumers looking for functions enhancing physical and mental
Wellness wellbeing. Demand for wellness will keep evolving as consumers
adopt the “holistic health and wellness” concept.
COVID-19 has driven the evolution of sustainability beyond
environmental concerns towards a more holistic approach.
Sustainable
Consumers will expect brands to play a greater role in protecting
Living
the health and wellbeing of their workforce while also helping
local communities and the planet.
Consumers enjoy an increase in daily at-home occasions. Products
Make My Life and services with the added value of making consumers’ lives
Easier easier, better and safer will continue to win consumers’
preference.
Home isolation and pent-up demand for out-of-home experiences
is expected to result in lower expenditure on products in a post-
Search for
pandemic world. Therefore, enhanced consumer engagement and
Experiences
novel experiences are vital for businesses to capture consumer
attention and spending.

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Current Drivers
DIGITAL LIVING

Digital Living: Mobile becoming embedded in Asian lifestyles

Mobile Access and Activities/Mobile Phone
Activities in Asia Pacific: Respondents Who
Answer Almost Every Day and 1-2 Times a Week
100
% of respondents
 Asia Pacific enjoyed the strongest acceleration in e-
commerce in 2020, recording the highest value
sales compared to other regions at USD538 billion,
particularly through mobile commerce. 73% of

80
60 respondents in Asia Pacific use the internet via
40
20
smartphones, according to the Digital Consumer
0 Survey. Time spent using mobiles increased during
Browse the Visit or Make or Use an app Buy an Order food Remotely
internet update receive a to track my item or and drink monitor or the pandemic, and this is expected to continue,
social voice call health or service online for control creating opportunities for brand owners to tap into
networking over the fitness takeaway home
sites internet or home appliances this trend.
2019 2021 delivery
 According to Voice of the Consumer: Lifestyles
Source: Euromonitor Voice of the Consumer: Lifestyles Survey, fielded January to
February 2021 Survey 2021, consumers in Asia Pacific quickly
adapt to shop for items, place an order for food,
Preferred Online Shopping Experiences in and use apps to make health checks or control
Asia Pacific 2021 smart devices based on personal information,
which is rapidly leading changes of lifestyles.
Ability to try products virtually
 Digital living became more embodied in Asian
consumer lifestyles during the pandemic and
Easy checkout through digital wallets across all demographics, through new e-commerce
business models, such as digital wallets, virtual try-
0 20 40 ons and livestreaming. Acceptance among
% of respondents Generation X was boosted almost as much as for
Baby Boomers Generation X Millennials Generation Z Millennials and Generation Z, particularly when
Source: Euromonitor Voice of the Consumer: Digital Consumer Survey, fielded March to considering ease of payments.
April 2021

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RETHINK WELLNESS

Rethink Wellness: Immunity and emotional wellbeing come to the fore

Top Five Perceptions of Health, 2021  COVID-19 has heightened the consumer focus on hygiene
What does being healthy mean to Asia Pacific consumers? and safety in Asia Pacific. The focus on immunity is
benefiting not only ingredients traditionally associated
A healthy immune with immune support but the narrative is changing to
system include holistic health behaviours, such as having
Mental wellbeing adequate sleep, working out and engaging in stress-
relieving and anxiety-reducing activities.
Getting enough sleep
 Anxiety is also on the rise due to the fear of the unknown,
Absence of disease continual home seclusion and the juggling of home and
work activities.
Feeling “good”
 The holistic wellness mindset that ties in body and mind
40.0% 45.0% 50.0% 55.0% 60.0% provides abundant opportunities to consumer brands
Respondents across categories. Taking greater ownership of one’s
health is forcing innovation as consumers look to buy
products to support their wellbeing goals, expanding from
supplements to functional food and beverages, such as
vitamin C juices, calming teas or CBD packaged snacks.
 Holistic wellness means having enough sleep, water, fruit
and vegetables. It also entails adequate exercises and
using vitamins and supplements. Asia Pacific consumers
are also more likely to take OTC medications to achieve
wellness than the global average.

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SUSTAINABLE LIVING

Sustainable Living: Sustainable awareness increased despite the pandemic

 COVID-19 highlighted the huge role that individual

 The 2020s is the last decade in which to achieve the 2030
 Early in 2021, Yum China launched a series of plastic
Source: Euromonitor Voice of the Consumer: Lifestyles Survey, fielded January
to February, World, 2020 n=41,231, 2021 n=40,732, Asia Pacific, 2020 n=14,489,
2021 n=14,365
actions can play in making a difference in the world, with
stay-at-home orders providing time to rethink
consumption habits. This has led to a great behavioural
reset with consumers looking for brands that have a great
sense of environmental and social responsibility to help
make the world cleaner, healthier and more equitable.
Global Sustainable Development Goals, termed as the
“Decade of Action”, several Asian governments have taken
a stand on their SDG contribution. Japan and South Korea
announced commitments to cut carbon emissions to net
zero by 2050. China issued stricter bans on single-use
plastic as well in early 2020. Changing regulations are
aligned with consumer educational campaigns around
sustainable living as well as changing corporate attitudes
to ensure enforcement.
reduction and environmentally-friendly packaging
initiatives across its brands KFC and Pizza Hut. As a result
of these initiatives, Yum China expects a reduction of
some 8,000 tonnes of non-degradable plastics annually
starting 2021.

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MAKE MY LIFE EASIER

Make My Life Easier: Consumers looking to improve their daily lives

Percentage Points Change in  The disruption caused to people’s daily lives with COVID-19-related
Consumers Using Technology to restrictions and home seclusion led many households to turn to
Improve Daily Life 2021 digital alternatives while sitting in the comfort of their homes, while
Philippines
also craving the convenience, ease and flexibility they enjoyed in the
Indonesia
pre-pandemic world. The pandemic leapfrogged tech adoption in
Japan
emerging Asian economies, such as the Philippines and Indonesia,
Taiwan
by at least five years, which should continue to play a key role in
New Zealand
simplifying people’s daily at-home living. As per Euromonitor’s
Malaysia
Voice of the Consumer: Digital Survey 2021, there is increasing
Hong Kong, China
adoption of virtual and voice assistants across the region as this
Vietnam
helps consumers multitask and make their daily routines easier.
Singapore  Millennials show the highest acceptance of technology, with 79% of
Thailand Asian Millennials willing to use technology to improve their lives,
India whereas older generations are more reluctant. The percentage of
Australia Asian consumers aged 60+ who use technology to improve their
South Korea daily lives remained unchanged between 2020 and 2021. In
China addition, the older generation is less likely to continue using
-5 0 5 10
technology after the pandemic.
% point change in use of tech to improv  Looking at China for example, consumers aged 60+ who use
life
Note: This chart provides percentage point change in the technology to improve their lives showed an 18 percentage points
number of consumers saying that they use technology to increase during the initial outbreak of the pandemic from 2019 to
improve day-to-day life between when the Voice of the
Consumer: Lifestyles Survey was fielded in January and
2020 but decreased by 11 percentage points in 2021 when they
February 2020 and January and February 2021. returned to normal.

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SEARCH FOR EXPERIENCES

Search For Experiences: Home as hub for Asian experiential consumer

Personal Traits and Values: Important  Slow rollout of vaccinations and decreased trust in countries’
to Spend Money on Experience by general health and hygiene standards mean that the home will
Region, 2019-2021 remain a hub for Asian consumers much longer in comparison
60% to their Western counterparts. In 2021, 39% of Filipinos plan
Share of respondents

55%
to continue to work from home daily versus 16% of
Americans. 52% of Indians shall entertain friends and family
50% at home weekly versus 19% of Germans.
45%  This paradigm shift puts hometainment at the heart of newly
Asia Pacific Europe North America
formed routines and consumer habits building an experiential
2019 2020 2021
Source: Voice of the Consumer: Lifestyles Survey, fielded Jan-Feb 2021 home for the long term around working, socialising, shopping
Note: Indicates consumers that agree and strongly agree. and exercising at home which is the new normal for Asia.
Businesses are adapting, providing innovative solutions to
Increase Spending on Novel
replicate high-touch experiences virtually to tap into the
Experiences over the Next 12
revenge spend on novel experiences, noting that much of this
Months 2021
40% demand will be from the comfort of one’s own home.
Share of respondents

30%  With visits slumping during the pandemic, several premium

20%
hotel chains in the region have begun offering meals for home
delivery. In India, Hyatt and ITC Hotels have partnered with
10%
third-party delivery players Swiggy and Zomato, while
0% Marriott and Taj Hotels have launched their own proprietary
delivery apps and driver groups; a service that likely will
continue post-pandemic offering both a new source of
Source: Voice of the Consumer: Lifestyles Survey, fielded Jan-Feb 2021 incremental growth and a potentially potent branding tool.

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Country Examples
DIGITAL LIVING

China: Retailing; higher e-commerce penetration

Alibaba Group: New business models key to ongoing success
 Alibaba, the world’s leading e-commerce player with a 15% value share Top Two Leading Players’
in 2020, continues to drive the uptake of online shopping in China, Value Sales in Global E-
increasing its footprint in third-tier cities and expanding its offering with Commerce 2015-2020
a new platform, livestreaming, last-mile delivery and a direct-to- 400
consumer focus.
 Alibaba was quick to use livestreaming as a means of enabling brand
350

Retail value RSP excl sales tax (USD billion)

owners to connect directly with consumers and replicate the in-store
experience. Alibaba has put direct-to-consumer (DTC) at the core of its
strategy with its Community Group Buying and Direct to Consumer 300
(DTC) e-commerce platform. The company launched the Taobao Deals
platform, Taobao’s exclusive DTC e-commerce platform that links
factories directly with consumers. 250

 An online and offline (O+O) mix and last-mile delivery are core to
Alibaba’s strategy, exemplified by Freshippo. If customers order fresh 200
food from the store through the Freshippo app and pay with Alibaba’s
digital wallet, Alipay, they can receive fresh food within 30 minutes from
local Freshippo supermarkets: quality, freshness and quick delivery are 150
key to the offering.
Key takeaways
100
 Alibaba expands its position with advanced technology in platforms, 2015 2016 2017 2018 2019 2020
new business models, a full e-commerce ecosystem and “phygital”
Alibaba Group Holdings Ltd
retailing, which brings tangible digital benefits to consumers. Amazon.com Inc

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RETHINK WELLNESS

Indonesia: Consumer health; telehealth

Halodoc: Universalising healthcare in Indonesia

According to Euromonitor’s Voice of the Consumer: Health and Nutrition Survey 2021, 28% of
Indonesians are extremely comfortable receiving medical advice online or via an app. Furthermore,
35% of Indonesians are extremely comfortable using the internet to self-diagnose and self-medicate.
 Halodoc is an Indonesia-based telehealth company founded in 2016. The company has approximately 20
million monthly active users and more than 20,000 registered doctors. In April 2021, it raised USD80 million
from Singapore’s state investment fund, Temasek. Health tech start-ups have received a windfall from COVID-
19, with similar success stories in other parts of Asia, such as Doctor Anywhere in Singapore, Doctoroncall in
Malaysia, Practo in India and Medinet in Australia.
 Consumers are more comfortable with health tech, such as personalised nutrition, health trackers, telehealth,
self-diagnostic AI tools and meditation apps, all of which accelerated with the pandemic. Enforced isolation
propelled digital health acceptance among the vulnerable older population. Although many of these are still in
their infancy and far from mainstream, the success of telehealth in 2020 supports a bullish attitude towards the
near-term adoption of additional digital health options to support consumers’ wellness goals.
Key takeaways
 Participate in the digital health ecosystem. Collaborating with an existing platform can be a swift go-to-market
strategy to improve the accessibility of products and services to the core health and wellness consumer.

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SUSTAINABLE LIVING
Vietnam: Consumer foodservice; social inclusion
ABC Bakery: Virtuous circle to support local and reduce food waste
60% of businesses are investing or
plan to invest in sustainable souring
between 2020 and 2025
(Voice of the Industry: Sustainability
Survey, fielded in June 2020)
Source: viet-jo.com
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 A large quantity of dragon fruit, which could not be exported to
China due to transactions being affected during COVID-19
restrictions, flooded the market in Vietnam.
 In response, Vietnam-based ABC Bakery launched a pink bread
made with dragon fruit, aiming to support local farmers who
faced difficulty in selling excess dragon fruit and to prevent
fresh produce from going to waste.
 The company shared the recipe online to encourage other
businesses to use dragon fruit, and companies, such as KFC,
followed suit. With pink foods becoming a massive hit not only
for supporting communities and reducing food waste but also
for its beautiful appearance and delicious taste, ABC Bakery
plans to create new recipes using local ingredients with a larger
mission to support local agriculture.
Key takeaways
 Added-value benefits beyond sustainability claims, such as
appearance and taste, are important to attract consumers.
 Companies can multiply any positive impact by sharing
knowledge with other businesses. These initiatives should not
be a one-off support. Long-term sustainability initiatives are
pivotal to improve brand reputation and corporate values while
also attracting consumers, employees and investors.
PASSPORT 15
Future Outlook
DIGITAL LIVING

Digital Living: Future outlook

Future Outlook: Digital Living Trend
80%
of professionals working at
retailers responded that their
companies are exploring
alternative ways of doing
business in pandemic in 2020
22%
of industry professionals in Asia
Pacific anticipate changes to
consumer social and community
behaviour permanently: shift social
activities to a virtual platform in
2021
55%
of professionals in Asia
Pacific will look to
prevent similar risks in
near future: E-
commerce/omnichannel
distribution focus in 2021
Source: Euromonitor International Voice of Industry Survey, 2021 and Lifestyles Survey,
2020
 The pandemic has accelerated trends whereby
e-commerce becomes the core method of
selling and building customer human
relationships, especially with Millennials and
Gen Z consumers. To address this trend, 80%
of professionals in the retailing industry
explored alternative ways of doing business
during the pandemic.
 Players are required to meet consumer
satisfaction through enhanced e-commerce
ecosystems. Players in Asia Pacific have been
more agile in adapting to consumers’ new
behaviour in using social activities than other
regions, with 22% of professionals suggesting
consumers will change permanently compared
to a global average of 16%.
 E-commerce ecosystems’ immediate focus on
the younger cohort of Millennials and Gen Z
must not ignore older generations. 55% of
professionals in Asia Pacific responded to say
they will invest in digital strategies also for the
older consumers, a figure higher than the
global average of 47% in 2021.

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RETHINK WELLNESS

Rethink Wellness: Future outlook

Future Outlook: Wellness Trend  Moves towards greater health consciousness were
already prevalent in Asia Pacific before COVID-19 struck,
45% but this accelerated rapidly over 2020. Thus, demand for
of Asia Pacific consumers are new ingredients that can boost both physical and mental
set to buy more health and wellbeing are expected to continue growing. Consumers
wellness-related products
are expected to embrace health and wellness in the
everyday products that they use.
41%  On top of the current trend for immunity boosting, heart
of Asia Pacific consumers look health will become a key focus. Since consumers are into
for products that are good for the concept of “holistic health and wellness”, food and
heart health in 2020
beverages that can enhance heart health are likely to
shine, contributing to the broader development of the
38% preventative health trend.
of Asia Pacific consumers  The importance of protein-boosting products will also
think it is important for
products to contain protein in
grow. With the trend of exercising and working out
2020 becoming more popular in Asia Pacific, demand for
protein is set to increase, creating new spaces for brand
owners to target.
37%
of Asia Pacific consumers  Asia Pacific consumers are also looking beyond reduced
prefer products with limited sugar and calorie food and beverages and focusing on
salt or no added salt in 2020 products that have limited or no added salt to
Source: Euromonitor International Voice of Industry Survey, 2021 and continuously improve their diet.
Lifestyles Survey, 2020

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SUSTAINABLE LIVING

Sustainable Living: Future outlook

Future Outlook: Sustainable Living  It is now a common corporate understanding that investments in
Business commitment and observations
sustainability can improve business resilience and help prepare for
75%
unexpected risks and challenges. As per Euromonitor’s Voice of the
believe sustainability
Industry Sustainability Survey 2021, more than 70% of businesses
initiatives are critical to plan to invest in the development of sustainable products, recycling
success initiatives, as well as employee support programmes over the next
five years. Kao, in May 2021, announced plans to be carbon neutral
88% by 2040 and be carbon negative in its business activities by 2050.
think sustainability means  The pandemic saw a surge in brands responding to the health crisis
reducing impact on the
environment with a social purpose due to elevated consumer awareness around
social issues alongside environmental concerns. With consumers
demanding companies to play a greater role in protecting not only
61%
the planet but also society, companies need to invest in social actions
will balance social/health
issues and environmental to protect the health and wellbeing of their workforce while also
issues helping local communities and the planet.
 While consumers’ sustainability awareness will remain strong, they
are also seeking value for money given the economic uncertainty. It
67%
is key for brands to offer added value beyond sustainability, such as
anticipate consumers reducing
overall spending will be mid- health benefits, affordability and/or convenience. Retailers should
term / permanent shift bring in transparency in their pricing structure and educate
consumers on the economic value that they can create by making
Source: Euromonitor International Voice of the Industry:
Sustainability Survey, fielded in June 2020, May 2021
sustainable choices to address the cost-price challenge.
COVID-19 Survey, fielded in April 2021

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MAKE MY LIFE EASIER
Make My Life Easier: Future outlook
Future Outlook: Make My Life Easier
56%
of surveyed businesses in Asia
Pacific reported the most
important commerce-specific
development is improving the
customer journey and user
experience
50%
of surveyed businesses in Asia
Pacific said the ability to provide a
more seamless omnichannel
experience has already impacted
their business
45%
of surveyed businesses in Asia
Pacific said they accelerated
investment in fulfilment and
logistics to improve delivery
Source: Euromonitor International Voice of the Industry: Digital
Consumers
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 Post-pandemic, improving the consumer journey and user
experience is considered the most important commerce-
specific development. Store-based retailers across all
industries are rapidly adapting their strategies, shifting
from enjoyable and entertaining shopping experiences
pre-COVID-19, to contactless and frictionless in-store and
online shopping features.
 The surge in demand for e-commerce puts pressure on
brick-and-mortar stores which must embrace an
omnichannel strategy by using multiple distribution
channels in the physical and digital space to create a
cohesive, convenient experience for consumers on any
platform, at any time. As e-commerce has become a vital
part of consumers’ lives, the ability to order online via
computer or mobile wherever consumers are and
whenever they want is pivotal to their purchasing
decisions.
 Logistics and fulfilment as an important part of an
omnichannel strategy has garnered much attention during
the crisis. Consumers have become more demanding in
terms of delivery at their convenience. Consequently,
industry professionals have been putting great emphasis
on last-mile strategies.
PASSPORT 20
SEARCH FOR EXPERIENCES

Search For Experiences: Future outlook

Future Outlook: Search For Experiences
Factors influencing sales in the next 12 months
50%
of Asia Pacific businesses feel
consumers will prioritise
experiences over things
63%
of Asia Pacific businesses say
personalisation
75%
of Asia Pacific businesses
indicate connected consumers  Focus on the integration of in-home appliances with smartphone
74%
of Asia Pacific businesses
observe new approaches to the
shopper journey
Source: Voice of the Industry: Lifestyles Survey, fielded Jan-Feb 2021 consumer priorities. FMCG can look to partner with appliance
Note: Businesses indicating very and extremely influential.
 Improving the customers’ path to purchase, enhancing mobile
presence and creating a consistent brand experience across
channels should be an immediate priority for all brands.
 Digital technologies are expected to redefine consumers’
relationship with brands in the years to come and tech spending
will be key to deliver experiences on a par with consumer
expectations. 26% of Asia Pacific consumers seek personalised and
tailored shopping experiences versus 17% in Europe and 15% in
North America. Invest in artificial intelligence to improve consumer
engagement with tailored marketing and personalised
recommendations. Create immersive and unique experiences
leveraging AR and VR for a seamless shopper journey. IoT in
consumer-facing applications can aid to autonomise purchase
decisions as well as improve customer service levels.
apps creating real-time feedback loops allowing appliances to learn
individual consumer preferences, driving better experiences and
higher spending. The consumer insights and analytics gathered in
the process can work as a co-creation strategy not only for new
product developments but also to identify white space
opportunities and pivot innovation pipelines to cater to changing
manufacturers to ride on the same.

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Conclusion
CONCLUSION

Key recommendations for business

Identify the future consumer

• Identify new consumer challenges and build flexibility in operations to enable swift responses as consumer
trends evolve. A consumer-centric corporate strategy is a must but there is no one-size-fits-all approach.
• Adapt product assortment, positioning, distribution channels, engagement and promotions and supply chains
to cater to the post-pandemic consumer.
• Rethink business strategies around remote engagements and a less mobile consumer.

Pinpoint where to invest

• Invest to reinvigorate experiential retail and excite consumers again. Adopt a digital-first mindset to
improve the shopper journey, offer convenience, build loyalty and enhance return on investment.
• Leverage customer relationships and data insights well to understand needs and preferences,
embracing wellness at its core. Invest in marketing and innovation that aligns with what people need
and want.
• Do not dismiss focusing on people and planet and bridge gap between sustainability awareness and
action.

Link immediate focus with long-term priorities

• Maximise prospects through a wider lens, aligning prompt action with future priorities for perennial immunity.
• In the short term, implement dynamic business models that help improve accessibility to your products and
services. In-store safety measures and contactless retail will be key to bring consumers back in store.
• In the long term, plan for enduring shifts in consumer lifestyles. Pave the way forward with empathy, agility,
transparency and technology.

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Thank you
Radhika Singal Han HU
Consultant - Health, Beauty and Fashion Research Analyst - Services and Payments
radhika.singal@euromonitor.com han.hu@euromonitor.com

linkedin.com/in/radhika-singal-84542678/ linkedin.com/in/hhhuhan/

Nozomi Hariya Sunny Moon

Senior Analyst - Food and Nutrition Consultant - Food and Nutrition
nozomi.hariya@euromonitor.com sunny.moon@euromonitor.com

linkedin.com/in/nozomi-hariya-ab2107161/ linkedin.com/in/sunnymoon81/