Profiting From Consumer Mega-Trends Market Overview in Asia Pacific: Individualism

• Publication date: December 2009

About This Report This market research report takes the core Asia Pacific content from DMCM4691 and grow s upon that to offer additional insight covering a wider selection of Asian countries What's In This Report *Detailed trend analysis outlining what constitutes 'value' for consumers (trends are, after all, a reflection of what's important to consumers) *Offers Asia Pacific focused consumer insight, b...

About This Report

This market research report takes the core Asia Pacific content from DMCM4691 and grow s upon that to offer additional insight covering a wider selection of Asian countries

What's In This Report

*Detailed trend analysis outlining what constitutes 'value' for consumers (trends are, after all, a reflection of what's important to consumers)

*Offers Asia Pacific focused consumer insight, benchmarked against global sentiment, to cater for contextualized region-specific information needs

*Covers all major FMCG segments, but also with applicability to wider consumer goods audiences

*One of six mega-trend market research report s which outline the most important issues shaping current and future buying behavior in the Asia Pacific region

Key Market Facts

Good trend-watching is about taking the bigger-picture approach. Adopting a broader global perspective to trend-tracking facilitates better decision making by overcoming 'category myopia'. Monitoring the broader FMCG environment will enable bigger picture learning that can be applied more specifically

Over three-quarters of Asia Pacific consumers attach importance to individuality and being able to express themselves. This is symptomatic of changing value sets whereby cultures once regarded as being 'collectivist' are increasingly shaped by values that emphasize self expression and self-assertiveness

Self-congruent consumerism is a trend whereby the image that a person has of her/himself often influences the brand/product choice. By choosing brands with particular image associations, individuals can communicate to others the type of person they are or want to be seen as

Why Should You Buy This Report?

*Outlines the significance of individualism-aligned trends across Asia Pacific countries and FMCG segments to help support industry diversification

*Save time and gain maximal insight by using this 'one-stop-shop' resource which offers a clear and up-to-date framework for understanding consumers

*Access data from two waves of global primary research to increase the likelihood of being 'on-trend' with NPD and industry ing activities

Consumer Trends Industry in Asia

Overview 1
Catalyst 1
Summary 1

TABLE OF CONTENTS 2

TABLE OF FIGURES 3
INTRODUCTION: THE IMPORTANCE OF TREND-TRACKING 4
Tracking consumer mega-trends is fundamental to long-term success 4
Trend-tracking insight 1: mega-trends can be classified in two ways according to desirable benefits and societal complexities 5
Trend-tracking insight 2: trends are aligned with pre-existing, but evolving human values, attitudes, needs and behaviors 6
Trend-tracking insight 3: mega-trends can be broken down into trends and sub-trends highlighting that trend frameworks provide structure and clarity at a time of 'information overload' 7
Trend-tracking insight 4: manufacturers, distribution ers and researchers/futurologists perpetuate trends 11
Trend-tracking insight 5: adopting a broader, global perspective to trend-tracking facilitates better decision making by overcoming 'category myopia' 13
Trend-tracking insight 6: trends have longer-term implications than fads and can be categorized by evolvement 14
Trend-tracking insight 7: for every trend there is a 'counter-trend' while 'trend-crossover' is also and important phenomena 16
Takeouts and implications: a trend framework boosts the quality and frequency of insight generation ensuring maximum return from the broader industry research processes in place 17
THE FUTURE DECODED: DECIPHERING THE INDIVIDUALISM MEGA-TREND 19
MEGA-TREND SYNOPSIS: Self reliant and self expressive Asia Pacific consumers want more personal and customized brand experiences 19
TREND: Growing self reliance and respect for individual freedoms and rights characterizes global consumer societies, including in the Asia Pacific 20
SUB-TREND: Respect for individuality, democracy and individual freedoms is growing, but not without exceptions 21
Asia Pacific consumers, though still existing in comparatively more collectivist consumer cultures, are ever keener to display their individuality 22
Key take-outs and implications: the growth of individuality creates a more engaged, confident and vocal consumer 26
SUB-TREND: Taking responsibility and 'taking care of me' are key features of individualistic orientations 27
Consumers in Asia Pacific are paying more attention to their own health and financial wellbeing 28
Key take-outs and implications: industry ers must capitalize on the proactive, assertive nature of today's individualistic consumers by tapping into what is important to them 32
SUB-TREND: Living alone: the growth of single person households and 'compact living' is a particularly important trend as urban living becomes more common 32
Consumers in Asia Pacific are increasingly disposed to living alone 32
Key take-outs and implications: living alone is an extension of societal individualism and leads to distinct consumer needs that can be targeted with specific product features and benefits 34
TREND: Personal branding: the 'branded self' has become a feature of more individualistic, self-orientated values and lifestyles 35
SUB-TREND: 'Brand me': purposeful grooming and image management is important in today's visual culture 37
Attitudes towards self-branding (and brands more generally) differ vastly across the Asia Pacific region 38
Key take-outs and implications: appearance consciousness and beauty products are heavily aligned with consumers' attempts to self-brand 42
SUB-TREND: Self-improvement: the continual pursuit of success and acquiring new skills is something that shapes consumer lifestyles 43
Consumers in the Asia Pacific region are striving to climb the social ladder and gain new experiences 44
Key take-outs and implications: market players must help people be 'better consumers' 47
TREND: Self-expressive and personalized consumerism continues to gain prominence in the Asia Pacific region 48
SUB-TREND: Self-congruent consumerism: choosing self congruent brands is an important trait of individualistic, self-orientated consumer behavior 49
There is a high demand for self congruent brands in Asia Pacific 49
Key takeouts and implications: people today increasingly purchase on the basis of whether a product conforms to their self-image 51
SUB-TREND: 'Make-it-for-me' consumerism: more demanding and sophisticated consumers, combined with the desire to be treated as individuals, increasingly welcome personalized products and services 52
Consumers in Asia Pacific want products which solve problems that they personally experience 53
Key takeouts: personalization/customization benefits fulfil important needs, both for consumers and for producers looking to differentiate their offerings in saturated consumer industry s 58
SUB-TREND: Customer made: adaptive and participative consumerism 60
'Crowdsourced' products are growing in popularity in Asia Pacific 62
Key take-outs and implications: losing control of brand development does heighten risk, but consumers increasingly want to interact with brands on their own terms 64
APPENDIX 66
Definitions 66
Methodology 66
Further reading and references 67
Ask the analyst 70
Datamonitor consulting 70
Disclaimer 71

List of Figures
Chart 1: Datamonitor's mega-trends are having a long-term and substantive impact on the industry ing landscape and can be grouped into two categories 6
Chart 2: Consumer behavior and the innovations targeting it inevitably fit into a 'trend hierarchy' 7
Chart 3: Trend tracking can be a source of (comparative) competitive analysis 9
Chart 4: Datamonitor's mega-trend framework helps set the agenda for the specific topics covered in the New Consumer Insight (NCI) research stream 10
Chart 5: Trend development is dictated by both 'consumer pull' and 'manufacturer push' and Datamonitor offers the intelligence tools to capitalize on this reaity 12
Chart 6: In a consumerist global culture, the broad consumption spheres/segments transcend borders 14
Chart 7: Several factors distinguish a trend from a fad 16
Chart 8: There are numerous compelling drivers driving individualism 19
Chart 9: Post-materialist values emphasizing self expression and individuality are driving influences in the trend towards growing self reliance and respect for individual freedoms and rights 21
Chart 10: Expressing individuality is a core need for consumers across the Asia Pacific region 23
Chart 11: The creative capabilities of Asia are being increasingly revered on the global stage 25
Chart 12: A Mandarin version of Charles Saatchi's popular 'Your Gallery' concept has been launched to help Chinese artists gain global exposure 26
Chart 13: Asia Pacific consumers have become more concerned about their own health than the wellbeing of the environment around them 28
Chart 14: In Asia Pacific, achieving a personal feeling of satisfaction plays a large part in consumers' motivation to clean their homes 29
Chart 15: Following the financial crisis, majorities across Asia are paying closer attention to their finances 30
Chart 16: Asia Pacific consumers strongly feel that financial management is an individual responsibility 31
Chart 17: The impact of the credit crunch has made Asia Pacific consumers more reluctant to rely on credit in order to fund their lifestyles 31
Chart 18: Growth in the percentage of single person households is most apparent in China and Korea 33
Chart 19: Products designed for compact living will be increasingly sought after 34
Chart 20: Personal branding is a concept that has gathered momentum in the last 10 years 36
Chart 21: Personal branding guides reflect an ongoing cultural shift towards maximizing individual capabilities, particularly for achieving occupational success 37
Chart 22: Koreans and Indians are extremely brand conscious, whereas Australians are less so 39
Chart 23: Asia Pacific consumers are more likely to engage in beauty routines in order to boost their own self-esteem than to look professional at work 40
Chart 24: In a mentality that conforms to the ideology of 'self branding', Asia Pacific consumers believe that physical attractiveness will ultimately be advantageous in making progress in life 41
Chart 25: When it comes to cleaning the home, consumers in Asia Pacific are generally equally motivated by self-interest and the interests of others 42
Chart 26: From building confidence to the art of 'picking up', there are a growing array of self-help books tapping into the mentality to self-improve 43
Chart 27: Enrolment into tertiary education is comparably high in Korea and Australia 44
Chart 28: There are slight but consistent improvements in tertiary enrolment throughout Asia Pacific as consumers seek to further their education and future prospects 45
Chart 29: Asia Pacific consumers strive for occupational success but believe that they are underachieving or undervalued in the workplace 46
Chart 30: Consumers in Asia Pacific, especially in India, China and South Korea, are more concerned about seeking new challenges now than they were two years ago 47
Chart 31: A consumers' self concept is multidimensional and is heavily influenced by cultural differences 48
Chart 32: Asia Pacific consumers firmly believe that brands reflect personal attitudes, and strive to define themselves through consumption 50
Chart 33: Chinese and Indian consumers are becoming increasingly accustomed to purchasing brands as a means of self-expression 51
Chart 34: Four key personal benefits as well as the additional ease of customizing have driven the trend toward more personalized consumer packaged goods 53
Chart 35: Asia Pacific consumers believe it is important that products are suitable for their individual requirements 54
Chart 36: In Asia Pacific, customization is not as important a factor to consumers in food and beverage choice as others 55
Chart 37: Personalized nutrition and nutrigenomics are emerging themes and reflect a crossover between the health and individualism mega-trends 56
Chart 38: Customization is more important to Asians in personal care products than foods and beverages 57
Chart 39: Customization is deemed most important in cosmetics but least important in fragrances 57
Chart 40: Personalized beauty regimes are still relatively niche but are gaining traction as situational and personally adaptive beauty solutions are increasingly sought 58
Chart 41: Consumers' media orientations are changing, with participative and engaging social media becoming more important 61
Chart 42: Manufacturers are giving consumers the ability to customize and express themselves through branded products via packaging and basic aesthetic modifications 62
Chart 43: Consumers in Asia Pacific can now become more involved in the creative side of businesses 63
Chart 44: Crowdsourcing is feeding the much sought-after industry for individualized goods 64
Chart 45: There are differences between consumer values and attitudes 66