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Market Updates

Why Targeting Asian Millennial Consumers is Beneficial for Your Business

In a world where businesses are always on the hunt for new opportunities to thrive and flourish, the Asian market presents a plethora of possibilities for growth. But as any savvy entrepreneur knows, it’s not just about tapping into a market — it’s about tapping into the RIGHT market. And when it comes to the Asian region, one consumer group that should not be overlooked are the Asian millennials. This group of consumers is not only known for their strong purchasing power, but also for their openness to foreign products and brands.

By understanding their needs and preferences, businesses can confidently and effectively tap into this exciting market and pave the way for success. But why is it a good idea to target Asian millennials? Here are some reasons why.

They’ve got deep pockets

Asian millennials, unlike any other age group, have a relatively high purchasing power. Some countries where millennials have more disposable income to spend on various consumer goods and services are China, Japan, South Korea, Singapore, and Taiwan. So if you’re looking for a market to penetrate, then you might wanna take note of these Asian countries.

They are tech-smart

Worrying about your digital marketing efforts not reaching your target consumers should not be your thing, especially when targeting the tech-savvy Asian millennials. They are known to be quick adopters of new technology which makes it possible for them to have a high engagement rate with businesses, regardless if it is online or offline.

They are brand-savvy

A lot of Asian millennials know what they want and what they don’t. This is true for a lot of products, especially luxury goods and services. This group has good eyes when it comes to premium products and is ready to pay more for things that would match if not exceed their expectations.

They have the “FOMO”

Asian consumers, especially millennials have a thing for trends. This sense of urgency and fear of missing out can drive them to make a decision to buy something, either to avoid feeling left out or to avoid missing out on a good deal or limited-time offer. This is good news for businesses as it can drive consumer purchasing behavior and lead to increased sales.

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Research

The Getting to Know Stage: Five Types of Asian Consumers

Asian consumers are known for being diverse. They have distinct preferences, behaviors, and needs, which means failing to understand these differences can lead to missed opportunities and lost sales. Upon knowing these groups of consumers, foreign brands can tailor their products and marketing strategies to better meet the needs of this diverse market, increasing their chances of success. 

The Digital Natives

Consists of young, educated consumers that are comfortable using technology for things such as searching, gaming, and of course, shopping. They are likely to use their smartphones and laptops to shop online and are interested in the latest trends and innovations

The Comparison Shopper

This group of consumers is those who are looking for the best deal possible and are willing to spend time researching products and comparing prices before making a purchase. They may be more likely to shop on marketplaces or use coupons, and vouchers and avail discounts to save money.

The Demanding 

Ever seen someone who put a value on the overall shopping experience over anything else? If yes, then they belong to this consumer type. This group of consumers is the ones that are willing to pay more for a personalized or premium shopping experience. They may be more likely to shop at luxury or boutique online retailers or use services like buying online or picking up in-store.

The “I Want It Right Now” 

This group values convenience above all else and is willing to pay a premium for fast shipping and easy returns. They may be more likely to use same-day delivery or subscribe to subscription-based shopping services.

The Traditionalists

The oldest consumer group in this list. They are people who prefer to complete their purchases personally and may be less comfortable with technology. They may be more likely to shop in physical stores or use more traditional shopping methods, such as phone or email orders and more.