regional research : asian consumers’ ATTITUDES TO SAVING, SPENDING, SHOPPING AND SUSTAINABILITY
The Carousell Media Group (CMG) and the IAB SEA+India have released a new report showing a digital disruption spurred on by the migration of users from offline to online with the new stay-at-home paradigm.
The IAB SEA+India surveyed more than 61,500 respondents who use CMG recommerce platforms in Singapore (carousell.sg), Hong Kong (carousell.com.hk), Vietnam (cho tot.com), Malaysia (mudah.my) and the Philippines (carousell.ph).
This year’s regional research explores income, investing and spending habits, how respondents spend time online, streaming services to which they subscribe, their online food and grocery shopping habits including use of meal delivery platforms, future purchasing plans, what influences their spending, and how and why they are shopping sustainably.
Miranda Dimopoulos, Regional CEO, IAB SEA+India says there has been a seismic shift to online led by the Southeast Asia and Hong Kong regions and on a scale never before seen.
“We’re seeing everything from mundane daily tasks to health and self development being enabled from your mobile device. We also see that CMG’s hyper-engaged audiences are prioritising sustainable shopping to protect the planet,” says Ms Dimopoulos.
JJ Eastwood, Managing Director, CMG says that this year’s survey builds upon research from last year, again in partnership with the IAB SEA+India, into Millennials and Sustainable Purchasing. “This year we drilled deeper into respondents’ financial habits which reveals that the largest spending category, both current and future, is local and international travel.
“It is also gratifying to see that our Carousell marketplaces are now synonymous with sustainability and social ethics, and we have seen a quantum increase in usage of our recommerce marketing platforms over the past two years.”
Key regional findings include:
55% of respondents shop sustainably driven by concerns about climate change and environmental impact rather than financial savings
64% of respondents say they are saving more this year than in the previous year
Half of respondents surveyed plan on travelling locally and abroad over the next year
Stocks, bonds, and property remain preferred investments; however, there is an increased interest in more high-risk investments such as crypto currencies with one-quarter (26%) of respondents currently investing in crypto, particularly in Malaysia, Philippines and Singapore
The most time online is spent shopping for meals, food and groceries, streaming content, and in personal development such as online learning, fitness and mental wellness
Respondents’ purchasing decisions are influenced by promotions and advertising campaigns
All respondents say they shop sustainably; however, this is actioned in different ways whether making fewer new purchases; using Carousell Group’s recommerce marketplaces for buying and selling; taking their own shopping bags in-store, or seeking out brands with sustainability principles and practices.
“We see a significant swing towards shopping sustainably to mitigate climate change and protect the environment, rather than purely to save money,” says JJ Eastwood. “In fact, we see that people are prepared to pay more for sustainably sourced or produced food and products. We have an audience of tens of millions of people using our recommerce platforms. If you extrapolate their contributions to sustainable shopping, you have a significant start to environmental protection at a consumer level.”
The Carousell Media Group and the IAB SEA+India carried out this research project in five countries, generating a Local Report for each country as well as this Regional Report summarising and comparing the results. Here are the Local Reports :
