Asian consumers are seen going out more as mobility is eased to pursue “moments of indulgence,” findings of a study done by WGSN, the global authority on trend forecasting.
Findings of The Asia Shopper Forecast 2023 mirrors reports in the Philippines where major mall developers are recording consumer traffic of up to 95 percent of pre-COVID levels in the third quarter of 2022.
The 2023 retail property market outlook report by Colliers Philippines saw more foreign and local retailers opening physical stores in malls due to the rising consumer traffic and anticipated increase in purchasing power.
Colliers expects the food and beverage segment to account for 50 percent of upcoming mall retailers while fashion, accessories, beauty, and health will account for 27 percent.
Providing insights to the Colliers report, WGSN said this shows that consumers in the Philippines and in the region are now coming back to physical stores with many craving in real life (IRL), sensory, and engaging experiences.
It added savvier decision makers will also emerge with more conscious buying decisions and mobile will be key to reaching consumers with convenience and speed.
“As we enter 2023, the effects of a global economic crisis will manifest and always-rising consumer expectations will force businesses in the region to find new drivers of growth. Just as mobility in Asia-Pacific (APAC) returns to pre-pandemic levels, Asian shoppers will continue to prioritize travel and look to heading out IRL, while retailers will need to offer powerful counterpoints to digital fatigue. At the same time, the uptake of digital technologies that commenced during the pandemic, will continue to enable consumers to move seamlessly between online and offline channels. We will also begin to see a growing desire among Asian consumers to make the most out of the present by finding respite in a variety of experiences despite the global economic slowdown,” said Jess Tang, senior consultant of APAC, WGSN.
