China has become a leading force in consumer trends with e-commerce and fintech, first followed by other Asian nations and now the rest of the global market, says marketing expert Ashley Dudarenok at Martechseries. Global brands are taken notice, she writes.
Global brands are starting to look at trends arising from the Asian consumer market, and for good reason. It is expected that consumers in Asia are to account for half of global consumption growth within the next decade. Besides the fact that Asian consumer markets are growing at an exponential rate, the markets are also diversifying and segmenting.
Asia is also leading in terms of e-commerce and fintech. This is especially true as China has contributed to more than half of the world’s e-commerce retail sales. The country’s sales value surpassed the combined total of Europe and the United States. In fact, the largest digital buyer population in the world belongs to China, amounting to more than 780 million people.
Consumers from other countries in APAC are starting to increase in digital consumers as well. According to a report from Bain & Company, Southeast Asia’s digital consumer population is predicted to reach around 380 million by 2026.
So now that we know that Asia is the continent to look out for, what can we learn from the emerging consumer trends there? What else can we learn from Asia’s e-commerce sector?
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