In 1990, 57% of Southeast Asia was in poverty and access to daily necessities one could afford was not to be taken for granted. Today, so much has changed that a new niche at the high end of the affordability spectrum has emerged to fan the aspirations of consumers – premiumization.
Globally, more than six-in-10 respondents (63%) say they like when manufacturers offer new products. But while consumers across the globe are enthusiastic about new products, their purchasing patterns vary widely.
Consumer confidence in Asia-Pacific increased in nine of 14 markets measured by Nielsen in Q1, compared to only three that rose in Q4 2014. Nine markets in the region remained at or above the 100-baseline level of optimism. At 130, India reached its highest level since 2011—up one-point from Q4. Confidence in India has been on the rise for six consecutive quarters.
Starting the year positively, global consumer confidence saw an increase of one point from fourth-quarter 2014, with an index score of 97. After a slight dip at the end of last year, when all regional confidence scores declined, it was a more upbeat start to the year, as confidence increased slightly or remained stable in every region except Latin America.
The path to purchase for innovation in Asia is a long one, as consumers are typically wary of new products and services. Given the rise in innovation in Asia and existing consumer tendencies regarding new products, Nielsen has identified five key ways to succeed with innovation in Asia.
Consumer confidence in the Asia-Pacific region remained high in the second quarter, as seven markets reported indexes above the 100 baseline, according to findings from the Nielsen Global Survey of Consumer Confidence and Spending Intentions.
Car ownership in China is no longer just a privilege for a select few in China. In fact, continuous urbanization and improving living standards are having a significant impact on the car buyers of tomorrow—a strong majority of whom live in China’s fast-growing tier three and tier four cities.
Sixty-two percent of Asia-Pacific respondents were optimistic about jobs in the year ahead. Respondents also remained positive about the state of their wallets, as sentiment about their personal finances increased three percentage points.