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Meeting the Needs of Growing Asia

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As Asia continues to grow on the world stage, businesses have to adapt to the continent’s emerging needs.

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Meeting the Needs of Growing Asia

  1. 1. MEETING The last few years have been more of an economic transformation than an economic growth, many nuances impact the business landscape. Consumers tend to spend THE NEEDS recovery. A December 2012 report by the US differently based on their age groups. For OF GROWING government states that by 2030, Asia will instance, older generations tend to save more overtake North America and Europe whereas younger generations tend to spend ASIA combined in global power. Comprising 60% of more. Shifting demographics and changing the worlds population, over fifty different cultures should be noted in order to be languages, different means of communication, successful in the emerging Asian markets. and a multitude of diverse cultures, researchers Middle-class consumers are expected to more than ever face new opportunities and represent a sizeable portion of several Asian challenges in providing consumer insight in the countries. Disposable spending is expected to Asian market. grow in China. Global companies are As Asia continues to grow on the world stage, increasingly taking this trend into account as businesses have to adapt to the continent’s they develop a greater variety of products to emerging needs. Growth is not uniform market within this region. The number of Michael Stanat across all Asia. Some economies are growing “affluent” consumers is also expected to SIS International Research while others are slowing. grow, and companies would benefit from New York & Shanghai offering luxury products to this group. In Asian markets, often characterized by rapid Tastes and attitudes are evolving as income levels change. Global companies are increasingly identifying new opportunities in product differentiation and developing diverse marketing strategies targeted towards specific markets. For some companies, smaller product sizes and new methods of product delivery are important in developing competitive advantages. Michael Stanat argues that companies are increasingly facing a complex global economy, with Asia taking on an increasingly commanding role. Local competitors are increasingly threatening profits and market share of multinational companies. With this paradigm shift, the traditional assumptions, relationships and rules of business are being challenged. Michael focuses on how researchers can increasingly provide meaningful insight in a business environment in transformation by discussing the following: What does an Asian-focused global economy mean for European and North American companies? Corporate culture changes? New skill sets? How are Asian companies evolving? Innovation? Opportunities? Challenges? Technology shifts: the cloud, social media, big data, analytics, etc? Michael Stanat will be speaking on this subject at the AIMRI conference in Barcelona on 8 March 2013. Source: McKinsey Quarterly January 2013Synergie is published by the Tel: +44 20 8780 3343 Editor: Richard ChiltonAlliance of International Market Research Institutes Fax: +44 20 8246 6893 Design: Roz Flanagan at Bewitched ltd26 Granard Avenue Email: rtchilton@virginmedia.com Printed by: Grosvenor Group synergieLondon SW15 6HJ. UK Web: www.aimri.net Copyright AIMRI 2013 Printed by: Grosvenor Group Bulletin of the Alliance of International Market Research Institutes

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