SINGAPORE — WGSN, the global authority on trend forecasting, has published its annual flagship Asian report, titled “Asia Shopper Priorities 2024,” calling out key Asian consumer priorities that will shape consumer behaviors in 2024 and beyond. This definitive annual report helps brands, businesses and marketers across industries strategize and create meaningful experiences catered to the consumers of tomorrow.
“A continuation from 2023, we are seeing the impact of the ongoing global economic slowdown and cost-of-living crisis continue to impact consumer sentiments in APAC in 2024. Asian consumers will prioritise short-term solutions and micro-indulgences while reassessing long-term health and well-being goals. Additionally, a growing cohort of socially-conscious young shoppers and inclusivity advocates expect transparency and accountability from retailers, highlighting the importance of inclusion and representation. The rising cultural confidence in the region further emphasises the need to support local businesses. To connect meaningfully with consumers, brands must adapt inclusively, nurture regional creativity, and advocate for ethical choices,” said Alison Ho, Analyst at WGSN.
The APAC consumer market is undergoing a significant transformation, marked by demographic shifts and a rapidly ageing population, signalling a collective emphasis on health and wellness-focused lifestyles. This aligns with the growing adoption of a “degrowth” mindset, emphasizing reduced consumption and intentional living among consumers.
Meanwhile, younger, socially-conscious consumers are driving change, advocating for inclusion and cultural transformation. To capture growth opportunities, affordability, convenience and entertainment will be key to effectively engage with and connect with consumers across the region.
The key priorities driving Asia shopper behaviours in 2024 and beyond are:
- Value-hacking – APAC consumers have become value-hackers amid the cost-of-living crisis, cleverly maximising their budgets with occasional splurges.
- Effortless ethics – Asian shoppers increasingly prioritize sustainability and ethical practices when making purchases, but they expect these choices to be enjoyable, inexpensive and at their fingertips.
- Degrowth for good – APAC shoppers want to reduce consumption and live intentionally, seeking brands that contribute to environmental well-being and significantly improve their mental health and overall contentment.
- Making new roots – Thoughtful, authentic cultural storytelling and genuine commitment to supporting and transforming local industries will be key to winning spend in 2024 and beyond.
- Including the marginalised – Increasingly vocal marginalised groups, including those with limited mobility and neurodivergent, are gaining mainstream attention and are looking seen, heard and reflected across retail touchpoints.
- Supercharged convenience – The ability to shop everywhere and anywhere creates decision paralysis for overwhelmed shoppers, who are pulling back on spending amid the cost-of-living crisis. They are now seeking intuitive and personalised experiences across channels.
- Retail-tainment – In 2024, pop-ups must take on an experiential direction grounded in product discovery and play as consumers shift from buying things to buying entertainment experiences.
- Looking to longevity – Securing an extended quality of life, or wellspan (as opposed to lifespan), is becoming a new priority for APAC consumers, whose life expectancies have increased steadily in the last decade.
Developed using its proprietary methodology to identify the signals of change and evaluate, verify and forecast trends, WGSN works with over 250 industry experts globally to map influencers, disruptors and changemakers to deliver clear and specific action points. WGSN’s consumer sentiments are selected using its unique STEPIC framework: examining changes in society, technology, the environment, politics, industry and creativity to identify the macro forces that will drive the emotional sentiments in the years to come.
For more information, visit https://www.wgsn.com/en
