Understanding the new Asian consumers

MANILA, Philippines - Gone are the days when Asia was merely a manufacturer of global products. With the rise of Asian economies comes the growth of Asian consumers, says an official of the Philippine Marketing Association or PMA.

"There is an apparent growth in consumerism in Asia alongside what they call the 'new emerging-market middle class.' There are segments of the market who can afford things beyond the necessities," shares Gwenn Albaraccin, PMA President.

While this developing Asian trend is a perfect opportunity for multinational corporations, the challenge is in understanding the region's culture and its people’s buying behavior. “There are a lot of resources on Western consumer behavior but Asians are different. Studies and strategies implemented in the West may not be appropriate in Asia,” explains Albaraccin.

Asians are said to dwell more on interpersonal relationships, social interactions, and status than their western counterparts. This preference for interpersonal relationships and social interactions is demonstrated by the fact that the Philippines is considered as the world’s Social Media Capital – having the highest penetration in social networking site Facebook at 95.15 percent of its total online population – while Malaysia and Indonesia are part of the top 10.

“Culture pretty much affects a region’s behavior as consumers. In fact most consumer behaviors are culture-dependent. In order to properly take advantage of the opportunity of a growing Asian consumer market, businesses must invest in understanding this market better through research studies. Only then will they be equipped with the knowledge and insight necessary for developing effective marketing strategies.”

With its aim of enabling Filipino marketing professionals to become globally competitive, the Philippine Marketing Association will hold the Asian Marketing Conference entitled “Asiannovation2: Unleash the Asian Marketing Masters,” on July 19-20, 2012 at the Rizal Ballroom of Makati Shangri-La in Makati City.

The conference is targeted to help enlighten every marketer in his or her desire to learn more about emerging economies and market segments. In this regard, the PMA has invited several top-caliber speakers to talk about these latest trends. One of them is Serene Wong, Chief Executive Officer of TNS China.

“Ms. Wong’s extensive experience in research and study of Asian consumers is a great source of knowledge and learning for marketing practitioners and key decision-makers. It can aid us in developing effective means to tap this market. Furthermore, her presentation will give us insights as to what kind of future these consumers could bring to businesses,” concludes Albaraccin.

At 24, Serene Wong received her first global award for successfully creating creative marketing and advertising for The Club Med Asia in the ’80s. Developing her passion for understanding consumers, she started her career in the market research industry in the mid 90s and has headed the South East Asian business for Research International of the WPP group, a world leader in marketing communications. She currently heads TNS China, the first foreign market research company to enter China in 1990.