Sector Report

Asean consumer – Younger and richer

by Oliver Matthew / Mar 1, 2023


Shoppers trading up to new channels and categories

Rising disposable income will be the main driver of growth in Asean, trumping population. In the next 10 years, 500m Asean consumers will cross the US$5,000 mark in disposable income; more than 10x the current 40m people. We believe upgrading will be the primary dynamic across regional markets and see opportunities for select brick-and-mortar retailers as well as ecommerce. We expect consumer brands to invest in Asean to access this spending power, with Indonesia and Vietnam being must-win markets, and cosmetics and personal care two key categories.

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