Report: Asia spending to $32 trillion by 2030
A new report commissioned by DHL forecasts that consumer spending in the Asia-Pacific region will grow from $4.3 trillion in 2008 to $32 trillion by 2030.
That equates to roughly 43 percent of global consumer spending projected for 2030.
The report, Greater expectations: Keeping pace with customer service demands in Asia-Pacific, said consumers in the region will increasingly demand service, not just products, tailored to their specific needs.
'These rising expectations amongst Asia’s consumers are driven by information and competition, not income,” said Yasmin Aladad Khan, senior vice president of Southeast Asia for DHL Express.
DHL said a major finding in the report, conducted by the Economist Intelligence Unit (EIU), is that price is no longer the only factor in Asian purchasing decisions.
'In parts of Asia, companies are still focused on price, but many consumers are willing to pay for better service,' DHL said. 'For instance, half of the Indonesian firms surveyed feel that their customers are concerned only about price, not service. However, less than one-quarter of the Indonesian consumers surveyed agree. This suggests that firms which start competing on service will be more successful.'
EIU conducted two separate sets of surveys for the report, one queried 300 senior executives in the region were queried, another surveyed 700 consumers. The surveys were given in 10 Asia-Pacific markets.
“The gap between what companies are providing and what consumers say they want is an opportunity,' said Sudhir Vadaketh, EIU senior editor. 'As competition in the region intensifies those companies who put more emphasis on customer service should gain an edge.”