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Jakarta Post

Shaping consumption in ASEAN

  • Kapil Joshi and Ali Potia

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PREMIUM
New Delhi/Singapore   /   Tue, August 29, 2017   /  08:11 am
Shaping consumption in ASEAN 43 percent of Indonesian respondents said they were optimistic about their country’s economy. (Shutterstock/File)

ASEAN countries have experienced two decades of robust economic growth, which has successfully lifted millions out of poverty and created an urban middle class with newfound spending power. The region’s booming cities already account for more than 65 percent of ASEAN’s gross domestic product and will add an additional 90 million people by 2030. Rapid urbanization will propel the continued growth of the “consuming class,” which will double to 163 million households by 2030. Income gains are expected to spur a dramatic rise in demand for a wide range of goods and services. Finally, a fast-growing segment of elderly customers and pockets of large young populations will make up the coming wave of consumers in ASEAN. Within this context, we wanted to see what impact, if any, these trends are having on consumers’ preferences and behaviors, particularly with ...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.