The brand landscape across Asia Pacific is drastically different from that of five years ago. Growth has come from new and unexpected places. Emerging markets have produced millions of new consumers. New categories have evolved to answer different consumer needs.
At the same time, brands are challenged more than ever before. Critical to survival is the agility to adapt to the changing consumer. We’ve seen many global giants lose their dominance, succumbing to local underdogs with their finger on the pulse.
Our global report, Mastering Momentum, looked at the challenge of sustainable growth, finding that fewer than 6% of global brands grow market share over the first year. Of these, only 6 in 10 sustain this growth over three years, and only 1 in 10 improve on their initial gain.
We spoke to consumers across 11 markets in the region to see how their spending behaviour has evolved. The majority reported that they are less ready to part with their money and are more careful with their purchases.
Consumers in developed and emerging markets alike have been exposed to brands for a significant amount of time. As a result, they make purchase decisions based on host of complex factors. They are less likely to be swayed by overblown brand promises or the words of influencers. Instead, they make their decisions based on a layered understanding of the brand, built up over numerous interactions.
Brands that want to secure long-term growth in this environment need to be constantly nurturing the relationship with their customers across the entirety of their interactions.
Find out more by downloading the report.