Countries in the emerging markets of Southeast Asia, comprising of the Philippines, Myanmar, Thailand and Vietnam, continue to be on the radar of companies looking for expansion thanks to its large populations of young and optimistic consumers with increasing spending capacity and willingness to spend.
Consumer confidence in the Philippines, Thailand and Vietnam are consistently the most bullish globally, from a high of 132 points in the Philippines, 112 points in Vietnam and 110 points in Thailand at the end of 2016.
The bigger challenge for retailers and consumer packaged goods manufacturers is to keep these consumers engaged with their brands. They have to think of ways to overcome the consumers’ propensity to try new products or aspirational products as they become more open to experimentation or lifestyle upgrade.
Another big factor that is shaping consumers’ lives is technology. This is true especially in this region, where technology is a constant companion from when they wake up until they go to bed. It is changing the way they interact with family and friends, watch programs or listen to music, get their news, run their businesses, and how they shop.
To start thinking of what’s next for your business in Southeast Asia, I invite you to get to know more about the consumers in this region through this short video.