Eurasia Strategy’s Post

ASEAN is home to extraordinary growth, powered by its vibrant, diverse, and culturally rich consumers who are constantly evolving. These consumers embody a unique duality - optimistic about the future yet pragmatic in navigating challenges within their macro environment. As the region's economy continues to accelerate rapidly, two key trends are shaping the future of consumption: 1. Economic caution meets optimism – Consumers are filled with hope and approach financial challenges with thoughtful resilience. They are ready to embrace spending that reflects both their needs and desires, a clear sign of their growing financial security. 2. Demand for personalized experiences – Resilient and forward-looking, they expect brands to deliver more customer-centric, tailored offerings alongside rapid digitization. These shifts offer companies a prime opportunity to emerge as leaders by delivering personalized solutions through seamless hybrid channels. I’m thrilled to share this op-ed from The Edge Singapore that delves into the evolving ASEAN consumer landscape, exploring their sentiments and the trends shaping this dynamic region. Read the full article here: https://lnkd.in/gGFT4HuW Special thanks to my co-author Jasmine Yeo, and to Florence Chow and Prashant Choudhary for their support and contribution to this amazing piece of research. Tags: Boston Consulting Group (BCG), UOB

🌟 𝐒𝐨𝐮𝐭𝐡 𝐄𝐚𝐬𝐭 𝐀𝐬𝐢𝐚’𝐬 𝐑𝐢𝐬𝐢𝐧𝐠 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 (2024) This report focuses on the region’s six largest and most digitally connected economies: Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam. 🌏 𝐀𝐛𝐨𝐮𝐭 𝐒𝐨𝐮𝐭𝐡 𝐄𝐚𝐬𝐭 𝐀𝐬𝐢𝐚: 675 million people live in this dynamic and diverse geography, ~8.5% of the world's population, making it the third most populous region in Asia, following South Asia and East Asia. 📶 Southeast Asia's 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐞𝐜𝐨𝐧𝐨𝐦𝐲 is projected to reach a gross merchandise value (GMV) of $263 billion in 2024, a 15% year-on-year increase. Revenue is set to increase to $89 billion, up 14%, with profits surging to $11 billion, reflecting a 24% growth. 📈 𝐊𝐞𝐲 𝐆𝐫𝐨𝐰𝐭𝐡 𝐒𝐞𝐜𝐭𝐨𝐫𝐬:  e-commerce (up 15% with video commerce), online travel, food delivery, online media (especially gaming), transport services, and digital financial services, driven by changing consumer behaviors and technology. 💡 𝐀𝐈 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐇𝐮𝐛: The region is attracting over $30 billion in AI investments, crucial for enhancing our technological capabilities. 🤖 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐫𝐮𝐬𝐭 𝐚𝐧𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: While scams have decreased by 24%, the average loss per incident has increased, highlighting the need for robust cybersecurity measures. Source: The e-Conomy SEA 2024 report, jointly compiled by Singapore Economic Development Board (EDB), Google, Temasek, Bain & Company https://lnkd.in/e42kmq9p ♻ Share this post, and follow Kriti Kapoor to join the conversation on the digital economy, digital transformation, future of work and emerging opportunities. #DigitalEconomy #Ecommerce #AI #Innovation #Growth #DigitalTransformation #eConomySEA #AdvanceSEAwithAI #Singapore #Malaysia #Indonesia #Thailand, #Philippines #Vietnam #SoutheastAsia #ASEAN 🇸🇬🇲🇾🇮🇩🇹🇭🇵🇭🇻🇳

As the ASEAN region continues to grow at a rapid pace, Southeast Asia presents an incredible opportunity for small to medium-sized enterprises (SMEs) looking to expand into new markets. With a young and tech-savvy population, increasing urbanization, and a rising middle class, the region is a hotbed for innovation and growth! 1. Diverse Market Opportunities: From e-commerce and fintech to manufacturing and agribusiness, Southeast Asia offers a range of sectors ripe for investment and expansion. 2. Favorable Business Environment: With governments actively encouraging foreign investment through policies like tax incentives and ease of doing business reforms, SMEs can establish a strong foothold with minimal barriers. 3. Digital Revolution: The region is rapidly adopting digital technologies, creating new opportunities for companies in digital transformation, e-commerce, and logistics. 4. Collaborative Ecosystem: With strong networks of local businesses, incubators, and partnerships, SMEs can leverage local expertise to scale efficiently while managing risk. By exploring these emerging markets, SMEs can access new consumer bases, diversify their operations, and stay competitive in the global economy. Let’s connect and discuss how to seize these opportunities! #EmergingMarkets #SMEGrowth #SoutheastAsia #BusinessExpansion #Innovation #SMEs #ASEAN #GlobalTrade

Attention business owners worldwide! Tap the potential of ASEAN markets and fuel your business growth with reliable market research insights. ... The ASEAN region is a goldmine of opportunities waiting to be explored. The 3 primary reasons:- ↘ Rapid GDP growth: Many ASEAN countries have experienced impressive GDP growth rates in recent years, outpacing the global average. For example, Vietnam, Cambodia, and the Philippines have consistently achieved annual GDP growth rates of 6% or higher. ↘ Increasing foreign direct investment (FDI): The ASEAN region has become an attractive destination for FDI, with countries like Singapore, Indonesia, and Malaysia receiving significant inflows. This FDI has fueled economic growth and development in various sectors. ↘ Growing middle class: As economies in the ASEAN region develop, there has been a substantial increase in the size of the middle class. This growing middle class has higher disposable incomes, leading to increased consumption and demand for goods and services. With over 650 million consumers, ASEAN offers a diverse and dynamic market. Conducting market research before launching your business in ASEAN countries is crucial for your success & growth. It helps you understand consumer preferences and identity market opportunities, provides data by doing competitive analysis, and makes you aware of cultural considerations and Risk mitigation. For this, you need reliable participant recruitment services across ASEAN, ensuring you have access to the right people for your market research needs. Allow us to help you unlock the growth potential of ASEAN markets and make informed business decisions. #marketresearch #researchparticipants #aseanmarkets

ASEAN's digital economy is growing exponentially, with experts estimating that implementing the ASEAN Digital Economy Framework Agreement (DEFA) could unlock an additional $1 trillion-$2 trillion for the region by 2030. #ELSA is transforming lives and organizations through spoken English, helping to unleash the ASEAN economy. Vu Van

There are significant business opportunities in the ASEAN market. We forecast that by 2030, Indonesia, Vietnam, the Philippines, and Thailand will feature among the top 30 global consumer markets. Learn more about how our insights can lead to successful market penetration in ASEAN: https://lnkd.in/dkQTVbvm #WorldDataLab #ConsumerClass #NewMarkets #ASEAN

The Digital Transformation Paradox in Southeast Asia: Balancing Growth and Challenges Southeast Asia's digital landscape is evolving at an unprecedented pace, presenting both immense opportunities and unique challenges: 1. Rapid E-commerce Expansion: • The region's e-commerce market is set to reach $234 billion by 2025 (Google, Temasek, Bain & Company). • However, 70% of Southeast Asia remains unbanked or underbanked (KPMG). 2. Mobile-First Innovation: • Mobile internet users in Southeast Asia are expected to reach 575 million by 2025 (GSMA). • Yet, 150 million people in the region still lack broadband access (World Bank). 3. Emerging Tech Hubs: • Singapore ranks 8th globally in the Global Innovation Index 2023. • But, the tech talent gap in the region is expected to reach 47 million workers by 2030 (Korn Ferry). 4. Growing Investments: • Southeast Asian startups raised $8.2 billion in 2023 despite global economic headwinds (DealStreetAsia). • However, 67% of SMEs in the region lack access to adequate financing (Asian Development Bank). 5. Government Digital Initiatives: • Countries like Singapore and Malaysia have launched comprehensive national AI strategies. • Nevertheless, regulatory fragmentation across ASEAN remains a challenge for regional expansion. As we navigate this complex landscape, the key to success lies in addressing these paradoxes. How is your organization balancing the opportunities and challenges of digital transformation in Southeast Asia? #DigitalParadox #SoutheastAsiaTech #InnovationChallenges #DigitalGrowth

Attention business owners worldwide! Tap the potential of ASEAN markets and fuel your business growth with reliable market research insights. ... The ASEAN region is a goldmine of opportunities waiting to be explored. The 3 primary reasons:- ↘ Rapid GDP growth: Many ASEAN countries have experienced impressive GDP growth rates in recent years, outpacing the global average. For example, Vietnam, Cambodia, and the Philippines have consistently achieved annual GDP growth rates of 6% or higher. ↘ Increasing foreign direct investment (FDI): The ASEAN region has become an attractive destination for FDI, with countries like Singapore, Indonesia, and Malaysia receiving significant inflows. This FDI has fueled economic growth and development in various sectors. ↘ Growing middle class: As economies in the ASEAN region develop, there has been a substantial increase in the size of the middle class. This growing middle class has higher disposable incomes, leading to increased consumption and demand for goods and services. With over 650 million consumers, ASEAN offers a diverse and dynamic market. Conducting market research before launching your business in ASEAN countries is crucial for your success & growth. It helps you understand consumer preferences and identity market opportunities, provides data by doing competitive analysis, and makes you aware of cultural considerations and Risk mitigation. For this, you need reliable participant recruitment services across ASEAN, ensuring you have access to the right people for your market research needs. Allow us to help you unlock the growth potential of ASEAN markets and make informed business decisions. #marketresearch #researchparticipants #aseanmarkets

New economy businesses are set to thrive in ASEAN. Notably, Vietnam has emerged as a promising investment destination for technology and innovation, with highest growth in the digital economy in Southeast Asia last year. Watch the video to hear from Daniel Small to learn more how we can support new economy businesses thrive in ASEAN. Find out more: https://grp.hsbc/60445yiwY #HSBCASEAN #ASEANInternationalBank #innovation #growth #businessgrowth Ahmed Yeganeh

Southeast Asia's digital industries are projected to increase in value from $300 billion to 1 trillion by 2030. This Digital Transformation will reshape whole sectors of the economy - driving productivity and growth. #IndoPacific #IP3 #DigitalEconomy