Poll outlines changing trends in consumer demands
As digital technology has become more prevalent globally, it has become a key driver of consumer trends, greatly influencing expectations, attitudes, behaviour and values.A recent GfK global study uncovered two key findings - the growing importance consumers place on "instant, convenient access" and "best value" in goods and services.
In its latest Roper Reports Worldwide consumer-trends study, GfK polled more than 37,500 consumers (aged 15 and above) in 25 economies about their attitudes, behaviour and values across a range of topics.
Among the 25 economies were eight in the Asia-Pacific region - Thailand, Australia, mainland China, India, Indonesia, Japan, South Korea and Taiwan.
Findings from the research revealed that more than a third (36 per cent) of Asia-Pacific consumers agreed that they wanted shops and services to be available at all times.
They also said they needed to be reachable constantly; while the Asia Pacific average was 55 per cent, levels were significantly higher in countries such as India (68 per cent), Indonesia (65 per cent) and China (63 per cent).
"Technology today is becoming very mobile, increasingly personalised and more on-demand, raising consumer expectations going forward," said Jodie Roberts, Asia-Pacific regional director for GfK consumer trends.
Consumers in this region "are expecting to have access to goods, services and entertainment around-the-clock and on-the-go, delivered wherever and whenever they dictate and in a format they demand".
According to the study, 58 per cent of Asia-Pacific respondents agree that the most important thing about a brand is that it offers good value for money, and 43 per cent said they preferred to own fewer but higher-quality items.
In addition, consumers from this region are more likely to put time into researching brands before making a major purchase - the Asia-Pacific average was 42 per cent, but levels were significantly higher in India (66 per cent), Taiwan (53 per cent) and Thailand (47 per cent).
"In order to succeed moving forward, it is important for businesses to realise that consumers are becoming more selective in their purchases," Roberts said.
"They are emphasising quality over quantity, and expecting their products and services to be readily available.
"In 2013, the continued diffusion of smart phones, tablets and the 4G [fourth-generation cellular] network will ensure that more and more time-pressured consumers everywhere will get to enjoy an increased ability to stay informed and in touch on the move - and they will consequently demand the products and services that they consume to keep up with their expectations."
The GfK Roper Reports Worldwide survey will be expanded to cover Malaysia, Singapore and Vietnam as well in 2013.