MANILA, Philippines - 2014 is expected to bring challenges to Asia, amid political upheavals and economic slowdown. As we welcome the new year, here are some consumer trends that we should watch out for, according to Trendwatching.com.
"For those who adapt to Asian consumers’ rapidly changing needs, there are countless opportunities ripe for the picking. Brands that champion change – giving voice to the concerns of the masses, then answering them – will also win priceless consumer favor. But where brands fail to catch on fast enough, expect a new breed of Asian ‘civic-consumers’ to step in – showing off their resourcefulness with a dose of Made-in-Asia-for-Asia ingenuity," Trendwatching.com said in its December Asia Trend Bulletin.
1. Space strapped
Asia's megacities will face space constraints, with every square meter becoming worth more and more. Trendwatching.com noted that Asian citydwellers will be looking for "smaller, affordable and well-designed brand solutions."
"Searching for big opportunities in the coming months? Then think small: compact, foldable, stackable, modular, vertical, cantilevered, portable, flexible, even hidden. Remember: the goal is to squeeze more from less, and make Asian micro-living as efficient, creative and comfortable as possible," it added.
Among the companies that are capitalizing on this trend are IKEA with its compact furniture solutions; and Daewoo's mini, "wall-mounted" washing machine. The Korean Advanced Institute of Science and Technology is developing the Armadillo-T, an electric car that can be folded in half to save on space.
2. Secondhand status
A new generation of middle class Asians are starting to spend more, whether its on clothes, electronics or luxury goods. But many of these newly rich Asians still can't let go of their frugal nature, so they opt for the next best thing: secondhand goods.
"Whether buying marked-down luxury items, secondhand (design) fashion pieces, or consumer electronics, these consumers will seek status and access, but at a more affordable – and less intimidating – price point," Trendwatching said.
Examples include a nonprofit organization, Green Bug, that operates stores that specialize in secondhand items in Mumbai. In China, there is a growing number of stores selling secondhand luxury branded handbags and clothes.
3. Faithfacturing
With many young Asian consumers preferring to keep their faith, brands should try to also cater to these religious consumers.
Trendwatching.com noted some apps are catering to Muslims, such as Crescent Trips which helps Muslim travelers keep their daily prayer requirements; and Peace Mobile app which contains Islamic content. An Indonesian magazine Hijabella, catering to modern Muslim women, was launched in 2013.
4. Crowdcracked
Young Asian "civic-consumers" are showing a desire to participate in efforts to solve social issues.
"Forward-thinking socially-minded entrepreneurs will already be working with communities to deliver crowd-powered solutions. Brands too should consider how to foster, support, incubate, include, and, yes, lead enthusiastic Asian consumers... As you head into 2014, think about how to behave and respond in a world where consumers have very different (read: higher) expectations around brand – and indeed consumer – participation and contribution," Trendwatching.com said.
Examples include Google's Crisis Map for flood victims in the Philippines, and Bribespot Thailand, an app that tracks incidents of bribery.
5. Made Livable in China
Chinese consumers are prioritizing health and safety in 2014, amid continued pollution problems and food safety scandals in China.
"Brands who believe that health is wealth should think beyond obvious medical sectors, incorporating affordable urban design or reliable ways to track information provenance. And don’t be afraid to use China as a launchpad: though Chinese consumers might be experiencing some of the most extreme environmental and health challenges, similar innovations will undoubtedly be welcomed by pollution-afflicted urban audiences throughout the rest of Asia too," Trendwatching.com said.
Examples include Panasonic's compact tabletop air purifiers; sale of sealed cans of oxygen; and the invention of a "breathing" bicycle (a modified bike with an air-filtration device to provide clean air).
source: www.abs-cbnnews.com
