Retail in Asia

In Markets

Consumption’s “sleeping giants” about to wake up

Consumers in Southeast Asia are "sleeping giants" who will wake up to their full potential over the next 5-10 years, recent reports show.

Robust consumption fuelled by rising income levels and urbanization are expected to generate an additional USD770 billion as 60 million people join the region’s consuming class or move into more affluent consumer segments by 2020, according to a study this month by Accenture involving more than 1,800 people in the region.

The formation of the Asean Economic Community (AEC), scheduled to take effect this year, will also enhance the attractiveness of Southeast Asia’s consumer markets by making it easier for companies to do business across borders. By 2020, the region could become a USD3 trillion economy, making its mark as the world’s sixth biggest, Accenture noted.

(Source: CNBC)