Consumers’ attitudes and habits in the very diverse Asia Pacific region have evolved significantly in recent years, with a variety of economic, demographic and social changes helping mould a new, more dynamic consumer profile. Among other trends, consumers are generally earning more, moving to cities, having fewer children and living longer. In the coming years, members of the growing middle class in the region are expected to drive increased demand for a wide range of modern goods and services.
Disposable incomes in the Asia Pacific region are projected to grow by 79% in real terms over the 2017-2030 period, spurring growth in the middle class in China, Indonesia, Malaysia, the Philippines, Singapore, Taiwan and Thailand. Consumers in the region are expected to spend more freely on discretionary items, spend more on their children and save more for their future.
The 65+ age group in the region is projected to expand to a size greater than that of the entire population of North America by 2019. The senior segment (80+), also known as the “super-aged”, will increase by over 36 million between 2017 and 2030. There are, however, still huge disparities in life expectancies in the region, such as the nearly 20 years difference in life expectancies between women in Pakistan and Japan. These older consumers will drive increased demand for products and services that keep them healthy and active, and will also present opportunities for travel and other leisure activities.
As the region moves toward a more urban economy, consumers will enjoy greater job opportunities and increased access to modern goods and services. By 2030, there will be 19 megacities (10 million+ population) in the Asia Pacific region, with Jakarta overtaking Tokyo to become the world’s largest megacity.
The number of young adults in the region is projected to fall by 37 million by 2030, leading to potential job market disruption and stagnant economic growth, which will affect wages and spending. Higher education will also be affected, with fewer students available to fill classrooms.
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