The annual inflation rate for Asia Pacific in 2023 is 4%. Compared to 15% in Latin America and 14% in Middle East and Africa, the rate in Asia is much softer. As such, a cautious approach to premium positioning could help companies siphon value-driven sales growth in rapidly growing emerging markets.
The Retail Executive Summit is a conference held annually in Singapore designed for networking, knowledge exchange and staying ahead of retail developments. The 2023 edition highlighted how the retail landscape and consumer expectations in Southeast Asia have evolved post-pandemic.
Demographic, economic, and cultural factors are reshaping the long-standing family stereotype. The family is becoming smaller, and with fewer children. Single-person and one-child homes are on the rise and must be catered to by brands. This snapshot seeks to highlight the changes in households over 2023-2040 in terms of demographic structure and income, but also lists the top five strategies to address future families.
The COVID-19 pandemic and related restrictions sent shockwaves through China’s beauty and personal care industry in 2022 and crippled consumers’ beauty spending. But with the lifting of zero-COVID measures in December 2022, the market heads into 2023 with strong signs of recovery.
Hybrid working policies and the greater acceptance of remote working are further fuelling the casualisation of dress codes and widely contribute to the popularity of Athleisure.
With the rise of many local chained specialist coffee shops emerging across Asia Pacific, the future of coffee shops in Asia Pacific is likely to evolve into an environment with more local coffee shops in the short term, eroding the traditional stronghold of international coffee chains such as Starbucks, especially in markets like China and Vietnam.