The buying behaviors of people are constantly and rapidly changing. Because of this recent turn of events by the consumers’ habits, retailers and manufacturers are doing their best to find ways to have an edge over other competitors in the economic market. Understanding these trends is essential in determining the success of an enterprise.
Out of all the continents in the world, the food markets in Asia have proven to be very competitive when it came to food retail. Consistently providing the needs of consumers, the Asian market is not one to be intimidated by other emerging markets from other continents. Here is a rundown of consumer trends in Asian countries that reflect today’s economic growth.
Luxury liquor, gifts, and dining have experienced a remarkable decline in sales, partly because of government measures in reducing corruption. Companies in China have resorted to shifting their focus on mass consumption and doing away with their high-end manufacturing of goods and services.
Online retail has also made its nest in the consumer world today. The Internet has made it convenient for the people to order products such as snacks, dried fruits, local specialties, organic foods, and imported foods online. To add to that, community/home delivery services have also boomed to complement online retail.
The food and beverages industry is rapidly growing and new opportunities are continually presenting itself due to a number of factors in India. The consumers in India are slowly abandoning traditional fresh foods in exchange of frozen or ready-to-eat foods. People in India are now opening themselves up to trying various cuisines, both locally and internationally.
In Japan, time spent in preparing for evening meals is not as long as it used to be. This is due to several factors such as increasing number of one person- or two people-households and the increasing involvement of women in the workforce. Thus, it is quite understandable why Japanese consumers prefer quick and easy items.
Meanwhile, in Russia, consumer levels in food are falling without signs of growing. This counts for all except for frozen, prepared and ready meals which show an increase in demand. Another exception would be fresh produce. Because of this, retailers have begun to invest in direct supply of fruits and vegetables at a lower price. Consumers in Russia are very much concerned with health benefits and time-saving qualities.
In Turkey though, practicality is a way of life for consumers. They much prefer ready-to-use, practical packaging, complementary products, and snacks and to do away with traditional time-consuming practices.
Innovation also proves to be very effective with consumers like in new flavours and technologies, as well as new-generation packaging.
Consumers in Turkey are also into healthy products. Natural, organic, traceable foodstuffs produced according to strict hygiene standards have a place in the consumer's’ hearts.
Having a thorough market research on Asian consumers is the key to a successful enterprise as it enables one to foresee emerging trends that will sculpt a nation’s business topography.