Catering to Asia’s Future Consumers
Global market research firm Mintel has published The Generation Game: Catering to Asia's Future Life Stages, which identifies the eight life stages that Asia-Pacific (APAC) consumers are currently navigating. The white paper also provides recommendations on how companies can cater to evolving consumer needs. Four of the future life stages outlined in the report are:
- Future-Proofing Education: Some 86% of students in China say they are working hard to achieve the future they desire. However, rapid technological advances will mean education must work hard to prepare Asia's children for a job market where adaptable skills are the most important. See Gen Z: Craving Creativity in the Classroom and Gen Alpha: iPad Independents for more.
- Millennials On the Move: APAC millennials (aged 18-34) are focused on having the freedom to move about and enjoy experiences, rather than being limited to purchasing a home and living in a single location. More than three-quarters (76%) of millennials in China say that living happily in the moment is the most important thing for them. In India, as many as eight in 10 (80%) millennials have no plans to buy an apartment in the next three years. See Blended Lifestyles for more.
- Staying Single: As outlined in Independent Singletons, consumers are increasingly eschewing traditional family, career and lifestyle benchmarks. Nearly three-quarters (73%) of single consumers in India have no plans to get married in the next three years. Meanwhile, 43% of singles in China aged 20-24 would like to live in an unconventional way, rising to more than half (53%) of single consumers aged 25-29.
- Bold Boomers: Older consumers are actively exploring new lifestyles to suit their own tastes and interests. Mintel's research reveals nearly half (47%) of metro Thai consumers aged 55 and older say they will travel to new places or go on more vacations in the next twelve months. Additionally, more than half (55%) of metropolitan Indonesians aged 55 and above say they will learn a new skill or get a new hobby in the following year. See Boomers Rising: Ready for Adventure.
See APAC Mentality for more.