The fastest-growing consumer group in Asia is the upper middle class, who are more willing to pay for premium quality goods and services (84%).
By 2030, China is expected to be a middle class society, with 52% of the adults in the top income class, followed by 33% in the middle income group. (Source: CEIC forecast )
Asia’s emerging middle-class consumers are for the first time able to define their own identities through the power of a disposable income and digital connectivity, while still maintaining strong ties to their cultural backgrounds.
These blended identities allow them to express and shape new points of view regarding their preferred consumption.
Brands with enough cultural understanding of their consumers need can take advantage of the increasingly sophisticated pockets of demand for high-end products
Consumer behavior is mostly learned behavior, and mobile technology has been a prolific teacher. Mobile phones give consumers the chance for global cultural awareness. Through her phone, a Asian consumers can easily listen to music from Berlin, buy the latest fashions from Paris, and watch movies from Hollywood.
With a rising middle class armed with technology, Asian consumers are turning into a driving force in the global economy.
Lastly, as Asia’s households redefine consumption, they will push Asian businesses to redefine investment markets. Market indicators will broaden to include Asian companies that fulfill consumer needs, rather than just manufacturers and commodity producers.
C’monde Studios is a strategy, design and innovation consultancy that has been active in Asia for the past 15 years. Our new Consumer Discovery Lab has been developed to address the growing demand for consumer insight in Asia. It has been developed to provide access, and knowledge of new markets, enabling companies to make the right business decisions for innovation and expansion.
We identify, measure and test consumer drivers in a structured and scientific way using tools from Design Thinking and User Centered Design toolbox.
We have a long experience conducting interviews in India, China and Japan and have built up a network of collaborators spanning from field work to interview moderation and translation.
The increasing speed in which technology is developed requires companies to get innovations to market quickly. Our Startup Ecosystem Safari gives companies opportunities to understand potential collaboration, competitors and buy-out option.
This is a collaborative workshop with curated employees of your company to understand Business Targets, limitations, customer journeys, and strengths.
Whether you choose to build In-house, buy or partner, we equip you with the access to take the right step.
Let us help you make the right business decisions for innovation and change. Businesses who don’t spend enough time empathizing with the needs of this new consumer risk being left behind.
Fore more information about this service or request a deck please contact;
Johan M Persson / Founder/Creative Director
Chandni Shah Motwani / Head of Strategy and digital Innovation
Customer Insight, Innovation, Product planning, Strategy, Value Proposition
January 8, 2020