Hong Kong-based retail solutions provider Tofugear, in partnership with Rakuten Insight and Microsoft, has released a new report on the on- and offline shopping behaviors of consumers across Asia as well as their spending intentions during the current challenging climate.
The “Digital Consumer in Asia 2020” report is based on an extensive survey across 6,000 consumers in 12 Asian markets in mid-February – at a time when many countries in the region had already begun to be affected by the outbreak of the coronavirus.
What are some of the key findings? The mobile-first nature of Asian shoppers impacts the way in which they shop online. In the region, 21% use their mobile phones for more than eight hours per day and retail apps have become a more significant channel through which consumers shop online when compared to the 2018 edition of this report.
The notion that Asian consumers do not care about sustainability issues should also be put to rest. The reports finds that six in ten shoppers will consider the sustainability credentials of a brand when making a purchasing decision. There is also increased acceptance of formats that are tied into the circular economy such as second-hand shops and rental services.
The current situation is undoubtedly tough for luxury brands and many are increasing their focus on their digital channels to counter a decline in their physical stores. If ever there was a time to know who your customer is and how they want to shop with your business — this is it.