The Asian consumer is changing. Traditional values that served the collective in terms of both society and the family are on the wane, with COVID-19 lockdowns accelerating a new focus on individualism and the self. This report explores how Asian consumers are evolving and emerging new opportunities through a deep cultural lens for manufacturers to tap into the market post-COVID.
This report comes in PPT.
Priorities for Asian consumers have been gradually shifting to a focus on the self due to higher disposable incomes and globalisation, with COVID-19 as a turning point. Consumers are challenging the legitimacy of collective expectations and the illusion of collective interest. Greater individualism has shifted the focus to the self, with self-growth and development, self-acceptance and expression and personal wellbeing at the fore.
Values are changing from being family-centred to being self-centred. This change has led to an increase in people choosing a life without marriage, respecting individual ways of life and values, and embracing time spent alone. Opportunities lie in solutions tailored for single urban lifestyles, such as smaller homes and convenient dietary options.
The importance of wellbeing and a focus on the self has risen amongst Asia Pacific consumers, bolstered by the outbreak of COVID-19. There is a shift in the perception of wellbeing to encompass emotional and mental wellbeing, with a need to lower stress levels, encourage better sleep and highlight physical exercise while ensuring one’s domestic surroundings are calm and comforting.
Enhanced self-awareness in Asia Pacific has led to the reshaping of beauty and fashion perceptions by local consumers. Opportunities surrounding the increasing demand in emerging sectors, like inclusive beauty and body positivity, exist. With Asia Pacific playing an increasingly influential role in today’s global beauty and fashion industries, more localised solutions and trend-setting products will help players seize the initiative.
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