Myanmar’s booming economy, young population and rising disposable incomes represent a significant opportunity for any company looking for new growth markets. In addition to appealing to local and Asian companies, Myanmar’s allure is ripe for global multinationals as well, particularly consumer product and telecommunications companies.
When we look at specific areas for growth, Myanmar’s fast-moving consumer goods (FMCG) sector has grown 15% in the last four years. In fact, the typical Myanmar consumer allocates 47% of their monthly household spending to cover food and groceries, household products and personal care products.
But for the majority of Asian and global FMCG brands, Myanmar is relatively new territory. And for the most part, Myanmar consumers are still familiarizing themselves with the abundance of international brands now flooding the market. Subsequently, consumers place a great deal of importance in the advice of those in their trusted network. In fact, Myanmar consumers rank familiarity and recommendations from friends and family, along with affordability, among the key factors influencing their purchasing decisions.
For new brands looking to establish a foothold in the market, building awareness, trial and, ultimately, trust is critical to success.
Learn more about opportunities in Myanmar.