Over the last decade, Southeast Asia has seen a notable surge in economic growth, fueled by steady local demand, rapid urban development, swift digital evolution, and the significant expansion of the middle class. This growth dynamic has made the region increasingly attractive to foreign investors, leading to profound changes in the consumer market landscape.
Particularly after the Covid pandemic, there has been a notable shift in consumer awareness regarding environmental and sustainability issues in Southeast Asia. A rising concern for the environmental impact of consumer choices is prompting people in the region to modify their shopping habits and expect similar eco-friendly commitments from companies.
This whitepaper by Eurogroup Consulting, created in partnership with the French Trade Advisors for the CCE APAC 2023 forum, explores the post-Covid consumer trends that are influencing corporate strategies for engaging and retaining customers across the ASEAN (Association of Southeast Asian Nations) member countries.
The analysis uncovers several key points:
- Variations in income levels between ASEAN’s developed and developing markets
- Key factors propelling economic growth in ASEAN
- The rise of a new generation of consumers in ASEAN
- The pivotal role of the expanding middle class in shaping consumer markets
- The benefits of tailoring products and services to the ASEAN context
- How ASEAN retailers are adapting to digital shifts
- The growing movement towards environmental consciousness in the ASEAN populace
- Strategic guidance for incorporating these ongoing trends into business approaches for Southeast Asia.
