Research Report : Millennials & Sustainable Purchasing
Singapore, 12 July 2021 — According to a new report published by Carousell Media Group (CMG) and IAB Southeast Asia and India (IAB SEA+India), a vast majority (95%) of millennials in Southeast Asia and Hong Kong felt that purchasing pre-owned items is more sustainable, with 50% said that they felt very strongly about this.
The report on the Millennial Motivations and Buying Behaviours Online across Southeast Asia and Hong Kong, conducted across five Carousell Group’s markets – Singapore, Hong Kong, Philippines, Malaysia (for both Carousell and Mudah.my platforms) and Vietnam (Cho Tot) with over 3,500 of its respondents, also uncovered that the global trend of recommerce – or the buying and selling of pre-owned items – is accelerating in this part of the world.
“Across all the local market research, what was consistently obvious is that we are witnessing the explosive growth of recommerce as it feeds two key needs of consumers today; the demand for sustainability and the hunt for a good deal. This juncture of ethics and eCommerce creates fertile ground for retail media because of the interplay among customer data, closed-loop reporting, and real-world results that generate more and better data.” Miranda Dimopoulos, Regional CEO, IAB SEA+India said.
JJ Eastwood, Managing Director, CMG shared “Recommerce has become synonymous with sustainability and this research demonstrates how important this has become to young people across the region. This presents a unique opportunity for brands to win the hearts and minds of this core consumer segment around issues they care deeply about.”
This regional research establishes the audience profile in each market, then explores income and spending habits, how the audience spends their time online, and offline, motivations to use buy-and-sell marketplaces as well as attitudes towards sustainability in relation to their buying and selling habits.
95% of Millennials felt that purchasing pre-owned items is more sustainable with 50% feeling strongly about this.
Millennials overall, also cared more about social issues such as sustainability, social responsibility and climate change in comparison to over 35s.
Sustainability considerations factored higher when selling. 95% of under 35s felt that purchasing pre-owned items is more sustainable with 50% feeling strongly about this.
In the majority of markets, both those under 35 and over 35 are equally motivated to use the Carousell Group platforms as the environmental impact is lesser when purchasing a pre-owned item.
Over 35s are significantly more motivated by promotions and sales when it comes to purchasing a luxury item whereas under 35s will save for a particular item.
Gaming, Mobile, Gadgets or Accessories is the top category in Electronic Items, followed by Computer Accessories and Home & Kitchen Appliances; these are all categories that facilitate entertainment, communication, virtual working and cooking as people are spending more time at home due to COVID-19.
Asian platforms dominate the competitor landscape against similar Western platforms such as Amazon.
“This research captures a highly engaged millennial audience who are in the browsing and buying mindset, motivated by a great deal and their belief that purchasing pre-owned is more sustainable. In addition, when we took a closer look at the Luxury Category, we found that half of all respondents bought luxury items in the past 12 months. 72% of Vietnam respondents bought at least one luxury item and 33% bought more than three. Singapore, Carousell Malaysia and Hong Kong are above the purchasing average; despite being in the midst of a global economic slowdown. This signals the rise of an aspirational consumer class.” JJ Eastwood revealed.
DOWNLOAD THE FULL REGIONAL RESEARCH FINDINGS HERE
For full access to the local market reports and to discuss retail media opportunities with Carousell Marketplaces in more detail, email mediagroup@thecarousell.com.
About Carousell Media Group:
The Carousell Media Group (CMG) is the media arm of the Carousell Group and offers advertising solutions for brands and agencies across all brands – Carousell, Mudah.my, Cho Tot and OneKyat. With tens of millions of users in 8 different markets across Southeast Asia & Hong Kong, Carousell Media Group provides scale and reach to advertisers. Visit here for more information.
About IAB SEA+India:
Established in 2010, the IAB SEA+India is the not-for-profit association that galvanises the digital industry across the region. Collaborating with partners throughout the digital landscape, the membership – comprising brands, publishers, agencies and tech platforms – has grown twelvefold in the past eight years, reflecting the acceleration of digital in the region.
IAB SEA+India has successfully established strong credibility and a track record of meaningful work built upon the strength of its board, councils, research, guidelines, government relations, mentoring and education initiatives.
The Association offers world-class expertise that elevates the profile of the region on a local and global scale. Since the launch of the IAB training series in 2014, IAB SEA+India has trained over 25,000 people, and in 2020, attained overall membership satisfaction and value scores of 4.9 out of 5.