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trendwatching.com's LOCALIZASIAN

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trendwatching.com's LOCALIZASIAN

  1. 1. LOCALIZASIAN Why ‘from Asia, by Asia, for Asia’ is the region’s hottest consumption story. Asia Trend Bulletin JULY 2014
  2. 2. Are Asian brands out-innovating those in the West? Well, sure: in plenty of cases. But the comparison is outdated ;) When it comes to innovation – and delighting consumers – the idea that ‘western’ brands are still the yardstick against which Asian brands should be measured just doesn’t stand up anymore. Today, Asian consumerism sets its own standards. And that means Asian consumers are now flocking in rising numbers to Asian brands that are catering to their lifestyles and their wants and needs – and doing it with the kind of expertise that only a local brand can bring. LOCALIZASIAN is a trend we first published in 2013. But we’re revisiting it now simply because the accelerating pace of Asian consumerism means it’s just as - if not more - relevant than ever! Want proof? Read on... LOCALIZASIAN 2www.trendwatching.com/trends/localizasian
  3. 3. 57% of Indonesian consumers say they prefer local brands, against 37% who say they prefer foreign brands. JANA, SEPTEMBER 2013 LOCALIZASIAN 3www.trendwatching.com/trends/localizasian
  4. 4. One (powerful) example of the ‘by Asia for Asia’ phenomenon? Xiaomi. The Asian tech brand, founded in 2009, outsold Apple in China in Q1 2014. In Q1 2014, Xiaomi sold 10.4 million smartphones in China against Apple’s 9 million, putting Xiaomi ahead for the first time. In fact, Q1 Xiaomi sales were 53% higher than total sales in 2012, as Asian consumers embrace the tech brand’s targeted mix of high performance and low prices. Furthermore, March 2014 saw the first batch of Xiaomi Mi3 smartphones entering Singapore; stocks ran out in two minutes. That followed launch of the midrange Redmi in Singapore earlier in the year; the first batch sold out in eight minutes. Tech lust among Asian consumers? Increasingly, it’s about local brands. LOCALIZASIAN 4www.trendwatching.com/trends/localizasian
  5. 5. We obviously offer much more than monthly Trend Briefings... Your complete trend and innovation solution. Our Premium Service Find out more 2014 Trend Report Trend Framework Innovation Database Industry Updates Apply Toolkit Monthly Updates 1-page Trend Handouts 1 2 3 4 5 6 7
  6. 6. LOCALIZASIAN | In rising numbers, Asian consumers are embracing new products and services targeted at their needs and wants by Asian brands that understand them better than competitors outside the region. The result? A deluge of ‘by Asia for Asia’ innovation! DEFINITION LOCALIZASIAN 6www.trendwatching.com/trends/localizasian
  7. 7. Three underlying forces are helping to push LOCALIZASIAN forward. Rising affluence. Local love. Home advantage. WHY NOW? Explosive growth in the Asian middle classes means millions more Asian consumers with high expectations. Asian consumers are increasingly determined to invest in, reimagine and showcase their own localities, traditions and cultures. No one understands Asian consumers quite like Asian brands. 1. RISING AFFLUENCE 2. LOCAL LOVE 3. HOME ADVANTAGE LOCALIZASIAN 7www.trendwatching.com/trends/localizasian
  8. 8. 1. RISING AFFLUENCE Millions more middle class consumers means a virtuous circle of high expectations and targeted innovation. Across Asia, the middle classes are exploding. In China, the number of households earning over USD 35,000 in real terms will triple to almost 80 million by 2022 (Ernst & Young, February 2014). Meanwhile, the number of middle class and affluent consumers (MACs) in Indonesia will double by 2020, to 141 million people (Boston Consulting Group, March 2013). One consequence? Millions more Asian consumers have money to spend on products and services that truly target their needs and wants. And local brands have more reason than ever to put local consumers – their lifestyles, their desires – first. WHY NOW? LOCALIZASIAN 8www.trendwatching.com/trends/localizasian
  9. 9. 2. LOCAL LOVE The grass ISN’T greener on the other side. The emergence of Asia as an economic powerhouse means increasing cultural power and confidence, too. No wonder rising numbers of Asian consumers are determined to invest in, reimagine, and even showcase on the world stage, their own localities and traditions. That doesn’t just mean a change in global tastes when it comes to music or fashion. It has impacts across consumerism. Just one snapshot of those impacts? In Indonesia, 65% of consumers say that supporting local companies is a key advantage of buying local (Jana, September 2013). WHY NOW? LOCALIZASIAN 9www.trendwatching.com/trends/localizasian
  10. 10. 3. HOME ADVANTAGE Local knowledge and cross-border agreements mean local brands are harder than ever to beat. Let’s keep this simple: Asian brands know Asian consumers – their lifestyles, aspirations, needs and wants – better than anyone. One case in point? Just see below how Reserve Bank of India is innovating for consumers who don’t have a bank account. But competitive advantage for local brands doesn’t stop at that: there’s increasing regional cooperation, too. For example, it’s intended that 2015 will see the southeast Asian nations create the ASEAN Economic Community, a single market to allow the free flow of goods and services between the constituent members. Put the two together, and it’s little wonder there’s no stopping ‘by Asia, for Asia’ consumerism! WHY NOW? LOCALIZASIAN 10www.trendwatching.com/trends/localizasian
  11. 11. FEATURED INNOVATIONS Take a look at these Asian brands already targeting the needs, wants and desires of Asian consumers. LOCALIZASIAN 11www.trendwatching.com/trends/localizasian
  12. 12. FEATURED INNOVATIONS: LOCALIZASIAN Brunei Halal Ready made halal foods for Malaysian consumers LOCALIZASIAN 12www.trendwatching.com/trends/localizasian
  13. 13. FEATURED INNOVATIONS: LOCALIZASIAN Potatoo Indonesian temporary tattoo brand caters to local sensibilities LOCALIZASIAN 13www.trendwatching.com/trends/localizasian
  14. 14. FEATURED INNOVATIONS: LOCALIZASIAN Panasonic Cut Out the Darkness Japanese brand’s social initiative brings solar lanterns to Indonesia LOCALIZASIAN 14www.trendwatching.com/trends/localizasian
  15. 15. FEATURED INNOVATIONS: LOCALIZASIAN Tsunagari Hot Support App Japanese cellphone service helps family members keep track of elderly relatives LOCALIZASIAN 15www.trendwatching.com/trends/localizasian
  16. 16. FEATURED INNOVATIONS: LOCALIZASIAN Chinese Tourists VIP Card South Korean government initiative offers privileges to Chinese tourists LOCALIZASIAN 16www.trendwatching.com/trends/localizasian
  17. 17. FEATURED INNOVATIONS: LOCALIZASIAN Samsung NX Mini Korean brand rides the Asian ‘massfie’ trend LOCALIZASIAN 17www.trendwatching.com/trends/localizasian
  18. 18. FEATURED INNOVATIONS: LOCALIZASIAN Muku Shuttr Remote control device allows individuals to take the perfect selfie LOCALIZASIAN 18www.trendwatching.com/trends/localizasian
  19. 19. FEATURED INNOVATIONS: LOCALIZASIAN Tongsis The Selfie Stick and its rise to fame in Indonesia LOCALIZASIAN 19www.trendwatching.com/trends/localizasian
  20. 20. FEATURED INNOVATIONS: LOCALIZASIAN Reserve Bank of India Indian bank’s system enables the unbanked to withdraw cash LOCALIZASIAN 20www.trendwatching.com/trends/localizasian
  21. 21. FEATURED INNOVATIONS: LOCALIZASIAN Vikaspedia Indian government launches local Wikipedia-style site LOCALIZASIAN 21www.trendwatching.com/trends/localizasian
  22. 22. FEATURED INNOVATIONS: LOCALIZASIAN Let’s Fold South Korean mobile game inspired by origami LOCALIZASIAN 22www.trendwatching.com/trends/localizasian
  23. 23. NEXT So what does LOCALIZASIAN mean for brands inside and outside the region? LOCALIZASIAN 23www.trendwatching.com/trends/localizasian
  24. 24. Take aim Want to start innovating? Take your pick. Asia is home to a myriad of consumer characteristics and unique needs. Seniors in Malaysia? Teens in Shanghai? Get close to your target, and learn about their lifestyle, behaviors and aspirations. NEXT LOCALIZASIAN 24www.trendwatching.com/trends/localizasian
  25. 25. NEXT BRAND MOVEMENTS One actionable angle on local needs and wants? Think beyond just profits, and ask how your brand can start a BRAND MOVEMENT around a shared local concern or value. Take inspirations from Panasonic’s Cut Out the Darkness campaign, or NTT Docomo’s Tsunagari Hot Support App. LOCALIZASIAN 25www.trendwatching.com/trends/localizasian
  26. 26. NEXT Tap some LOCAL LOVE If you are a local Asian brand, utilize your home advantage by building ‘local’ into your brand’s DNA. Think campaigns and content that stress your homegrown credentials. LOCALIZASIAN 26www.trendwatching.com/trends/localizasian
  27. 27. NEXT Competition Alert! Neither an Asian brand nor operating in the region? This trend still has implications for you. Your next competitor could be an Asian exponent of LOCALIZASIAN, who succeeds, grows and expands to your doorstep. Why not start thinking about an Asian partner today! LOCALIZASIAN 27www.trendwatching.com/trends/localizasian
  28. 28. LOCALIZASIAN 28www.trendwatching.com/trends/localizasian
  29. 29. 1. Our free Asia Bulletins 2. Subscribe to our Asia Bulletins here. SUBSCRIBE ME » MORE... If you have any comments, suggestions or questions then please do let us know. Just email: PAUL BACKMAN Chief Client Officer paul@trendwatching.com About us Established in 2002, trendwatching.com is the world’s leading trend firm, scanning the globe for the most promising consumer trends, insights and related hands-on business ideas. Our Premium Service counts many of the world’s leading brands as clients, while our free monthly Trend Briefings go out to over 250,000 subscribers in 180 countries. More at www.trendwatching.com Should you be one of our 1,200+ Premium clients? now... Enjoyed this Trend Bulletin? Want more? Our 2014 Premium Service See how Premium will benefit you