Orient Magazine Issue 88 - August 2022 - Page 42

WELCOMING NEW MEMBERS
PREMIUM AUTOMOBILE PTE LTD
Premium Automobiles Pte Ltd has been the exclusive and official Audi Partner in Singapore since 1999 . At Audi , our portfolio includes new and used car sales , parts and accessories sales , as well as service and maintenance . For more information on new cars , visit audisale . sg . Since 2018 , we have expanded our scope and introduced our premium mobility service with Audi on demand , allowing easy access to the Audi brand and car usage from just 4 hours .
Visit audiondemand . sg for more . Representative Member : Paul McMenamin
SANTA FE RELOCATION SERVICES ( S ) PTE LTD
Santa Fe Relocation is a Global Mobility company specialising in managing and delivering high-quality relocation services worldwide . Our core competence is providing services that help corporations and their employees as well as individuals and their families to relocate and settle in new places . We cover the entire relocation journey , from moving , destination services , immigration , commercial projects through to full assignment management solutions . These services are delivered to a consistently high standard , locally and globally , and managed through our own operations around the world .
Visit santaferelo . com for more . Representative Member : Adam Sloan
WIREX PTE LTD
Wirex is a worldwide digital payment platform and regulated institution , that has forged new rules in the digital payments space . In 2015 , the firm developed the world ’ s first contactless payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life .
Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev to make the digital economy accessible to everyone .
Visit https :// wirexapp . com / en-sg for more . Representative Member : Svyatoslav Garal
YOUGOV
From the very beginning , we have been driven by a simple idea : The more people are able to participate in the decisions made by the institutions that serve them , the better those decisions will be .
We publish a number of syndicated reports , such as the annual Global Survey of Wealth & Affluence , which provide comprehensive market intelligence on a range of industry sectors . Our custom research specialists also conduct a full spectrum of quantitative and qualitative research tailored to meet our clients ’ specific needs . Visit https :// sg . yougov . com / en-sg /? stay for more . Representative Member : Ervin Ha
UNDERSTANDING THE SOUTHEAST ASIAN CONSUMER 2022 42 Understanding the Southeast Asian consumer in 2022 Sahiba Puri, Senior Consultant, Euromonitor The world around us has changed rapidly in the past two years. Resilience and adaptability were tested in 2021, forcing consumers to relinquish control and embrace ambiguity. This year, consumers are taking back the reins and paving a path forward based on their passions and values. Change was the only constant over the past two years, with the COVID-19 pandemic having a unique impact on consumers' behaviours, attitudes and motivation. Today, even though the effects of the pandemic are abating, evolved behaviours are expected to have a continuing impact. These behavioural changes make it imperative for businesses in the region to understand the drivers and motivation behind consumers' buying decisions and how these can be harnessed to unlock growth potential in Southeast Asia. Southeast Asia is one of the most significant economic engines in the Asia Pacific, with the region accounting for 9.4% of APAC's economy in 2021. By 2030, countries such as Indonesia, the Philippines and Vietnam are poised to have an accelerated growth than the overall APAC region, including China.causing them, and what this means for businesses. With Southeast Asia positioned as one of the vital consumption engines in APAC, understanding emerging consumer trends in the region is crucial for businesses looking to tap into a fast-evolving economic and consumption landscape. Euromonitor International has identified the Top 10 Global Consumer Trends expected to drive global markets in 2022. We will be exploring how three of these consumer trends: Backup Planners, Climate Changers and Financial Aficionados, manifest in Southeast Asia, alongside the consumer motivation and behavioursSupply chain disruptions lead to the next best options for Backup Planners From stockpiling in the initial days of the COVID-19 outbreak to ongoing global supply chain issues, product access and 43 availability have come under threat. Lockdowns in China during the first half of 2022 further exacerbated this situation as the manufacturing and freight movement were challenged. On the other hand, as social occasions and discretionary spending starts to return, consumers are looking to indulge in spending on non-essentials. However, as availability remains challenged, consumers struggle to secure their go-to product. Backup Planners then look for creative ways to procure the items they need. One such approach is embracing technology and alternative business models, such as subscription services or D2C brands, to secure products/services. According to Euromonitor's Lifestyle survey, when asked about the motivation behind subscription services, global respondents indicated that convenience was a leading factor. This desire for convenience and the local availability of such services can help businesses meet consumers where they are. Subscription services are also penetrating Southeast Asia, as exhibited by Treatos by Joey and BarksJOY – both Filipino companies offering subscription boxes within the pet care space. Product availability drives profit, while supply shortage can weaken consumer loyalty. Even as supply chain constraints stabilize over time, evolved shopping habits will dictate how backup planners discover and shop for products. In such a scenario, businesses that can pivot and provide solutions for customers to access products and services are likely to benefit from this consumer cohort. Climate Changers are increasingly aware of how their choices impact the planet There has been a growing awareness among consumers of their contributions to climate change. This awareness is driving environmental activism and influencing purchasing decisions. The Climate Changer is looking for products/ services that help them make more sustainable choices while also demanding more transparency and better labelling from brands. When we look at what consumers across different Southeast Asian markets are doing regarding sustainable choices, we observe that reducing the use of plastic is one of the more popular green activities undertaken. Source: Euromonitor International/ Voice of the Consumer – Lifestyles Survey, fielded in January and February 2021 Businesses in the region are also responding to these evolving preferences. They are adjusting their portfolios to meet consumer demand by offering more eco-friendly products and services. IKEA, for instance, transformed its Bang Yai store into a circular shop where consumers can sell pre-owned home furnishings, buy second-hand IKEA furniture at a discount and drop off the recyclable waste in exchange for IKEA Family Points. Through this effort, IKEA is encouraging extending the use of materials and products through sharing, reusing, refurbishing and recycling. An observable development in sustainable packaging initiatives has been the rise of refill stations. From Body Shop in Singapore to IP One Company Ltd in Thailand, brands are introducing refill stations in retail locations as part of their sustainability efforts. The launch of such initiatives in the region indicates how global and local players are responding to the growing sustainability narrative. As more offerings align with the expectations of Climate Changers, more brands will see their products and services resonate. Democratized money management for Financial Aficionados The pandemic bought with it a shift in consumers' approach to money management and financial security. An uncertain and unstable economic environment has led Financial Aficionados to take better control over their money. From improving their financial literacy to using apps/services that enable them to become financially savvier, consumers are finding ways to feel more financially empowered. Businesses are also responding with resources that give consumers more control and COMMITTEE CONTENT: ONLINE SAFETY AND TECHNOLOGY - KEEPING OUR CHILDREN SAFE