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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
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