APAC consumers prioritise food and wellness products. Credit: hutpaza via Shutterstock.

Consumer intelligence company NIQ has released its Consumer Outlook 2024 report, highlighting polarising consumer sentiments in the Asia Pacific (APAC) region.

While 30% of APAC consumers express concerns about their financial situation compared to 2023, 38% feel they are in a better position.

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Despite ongoing financial concerns, consumers in APAC persist in prioritising spending on groceries and household essentials, thereby maintaining a crucial foothold in the consumer market.

Fresh foods and wellness products are at the top of the priority list, followed by home essential products, dairy and fresh meat.

Retail strategies to target APAC consumers

NIQ advises that retailers expand their value offerings, as lower price tiers, private label products and enticing promotional offers continue to resonate with consumers across online and offline platforms throughout the APAC region.

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Retailers can also capitalise on global and local opportunities by aligning their strategies with current news cycles to remain relevant to consumer interests. While 49% of APAC consumers intend to maintain their usual spending on in-home entertainment, categories such as beverages and snacks typically experience a surge in sales during global occasions such as the upcoming 2024 Olympic Games or election coverage.

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In terms of innovation, retailers experiencing growth in innovation sales are reportedly 1.8 times more likely to achieve overall sales growth compared to those with stagnant or declining innovation sales. A significant portion (59%) of APAC consumers express openness to new or innovative products tailored to meet their health and wellness needs.

With 72% of APAC consumers indicating increased store switching to manage expenses, understanding the channels that resonate most with shoppers and identifying successful categories in specific locations can significantly boost growth. Discounters, traditional trade and e-commerce platforms have consistently outperformed the market in terms of growth.