Consumer Lifestyles in Asia Pacific

April 2018

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.

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Middle class growing as disposable incomes rise

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.

“Super-aged” and 65+ consumer segments will drive increased spending

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.

Rise of the megacity and transition from a rural to urban economy by 2022

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.

Persistent low birth rates lead to a decline in the number of young adults

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.

Introduction

Scope
Key findings

Regional Consumer Profiles

Mid-lifers will remain the mainstay for spending as numbers surge
65+ segment will surpass the entire population of North America by 2019
Women in Japan living nearly 20 years longer than women in Pakistan
Growth of megacities will create greater reliance on new technologies
Low birth rates and rise of the “super-aged” will impact workforce

Regional Lifestyles in Focus

High number of babies and infants will continue to drive spending
Urban population in Asia Pacific to overtake rural population by 2022
Couples with children still the largest household type, but growth stalls
Increase in disposable income will enable consumers to trade up
Regional consumer spending on essentials by middle income segment

Country Snapshots

Azerbaijan: age profiles in context
Azerbaijan: consumer landscape
China: age profiles in context
China: c onsumer landscape
Hong Kong: age profiles in context
Hong Kong: c onsumer landscape
India: age profiles in context
India: c onsumer landscape
Indonesia: age profiles in context
Indonesia: c onsumer landscape
Japan: age profiles in context
Japan: c onsumer landscape
Kazakhstan: age profiles in context
Kazakhstan: c onsumer landscape
Malaysia: age profiles in context
Malaysia: c onsumer landscape
Pakistan: age profiles in context
Pakistan: consumer landscape
Philippines: age profiles in context
Philippines: c onsumer landscape
Singapore: age profiles in context
Singapore: c onsumer landscape
South Korea: age profiles in context
South Korea: consumer landscape
Taiwan: age profiles in context
Taiwan: consumer landscape
Thailand: age profiles in context
Thailand: c onsumer landscape
Turkmenistan: age profiles in context
Turkmenistan: consumer landscape
Uzbekistan: age profiles in context
Uzbekistan: consumer landscape
Vietnam: age profiles in context
Vietnam: c onsumer landscape
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