Singapore – The first two weeks of Ramadan recorded up to a 47% increase in retail sales across Southeast Asia, a report from Criteo revealed. 

Among the countries in the region, the report showed that Malaysia had seen the highest average increase in sales during Ramadan, with a 40% increase. Meanwhile, Indonesia and Singapore experienced a 30% and 16% increase, respectively. 

During the first half of Ramadan, Malaysia and Singapore experienced their highest sales on April 2, with a 103% and 46% increase, respectively, compared to February 15 to 28. In contrast, Indonesia had a consistent rise in sales throughout Ramadan. Indonesia stood out as the only country with a notable surge of 79% on April 4, a day with extra discounts. This was followed by another peak of a 74% increase on April 14, a week before Eid.

Compared to 2022 retail sales, SEA has experienced an 8% year-on-year (YoY) increase in 2023, with each country in the region displaying unique spending patterns. 

The report showed that Singapore saw the highest rise in YoY sales, with a 19% uptick across its retail transactions. Malaysia follows closely with a 17% observed increase in YoY sales, highlighting strong consumer spending power during the festive period.

On the other hand, Indonesia experienced a 5% decline in year-over-year (YoY) online sales during Ramadan, suggesting a different spending pattern in the region. 

When it comes to category sales, religious and ceremonial stood out as the top-performing product category, recording a 101% increase in sales during Ramadan as compared to the average for February 15–28, 2023. Other product categories that performed well during the season also included apparel and accessories (+30%), food and beverages (+23%), and health and beauty (+16%).

Additionally, online bookings for travel also saw a 21% YoY increase during Ramadan 2023. Three days prior to Eid, the online bookings experienced an increase of up to 16% compared to the average. This increase in sales can be attributed to people attending gatherings with family and friends for celebration. 

Interestingly, the report also showed that, on average, SEA consumers start browsing 14.6 days before purchasing a product during the first two weeks of Ramadan. Changes in patterns of online shopping were also observed during the month of Ramadan, especially in Indonesia and Malaysia. 

The average sales during Ramadan outperformed non-Ramadan periods in every time slot, showing that people were actively shopping during Ramadan compared to the previous 15 days.

During iftar, or the breaking of fast, Indonesian and Malaysian retailers saw a decrease in sales more than regular days, with the fall recorded during the time slots of 18:00–19:00 (Indonesia) and 19:00–20:00 (Malaysia).

Meanwhile, during sehri, or the pre-dawn meal hours, Indonesia from 04:00-05:00 and Malaysia from 05:00-06:00 both saw an increase in sales. 

During Ramadan, shopping was spread out more evenly during midday as people were fasting during lunchtime. However, the period from 10 a.m. to 4 p.m. remained the busiest for shopping overall. In Malaysia and Indonesia, the lunchtime hours saw the highest sales activity during the day.

Singapore saw a slight increase in average sales during the 05:00–06:00 time slot. This coincided with sehri, suggesting a potential link between Ramadan practices and this buying behavior. It is important to note, however, that this trend is not observed on days outside of Ramadan.

Looking through the data from the 2023 Ramadan, Criteo’s report is also urging brands to leverage Ramadan 2024 to boost their consumer engagement. 

According to the report, marketers and retailers should opt for first-party data strategies that can readily activate data in scalable ways that benefit the consumer experience. Forward-thinking marketers and retailers will continue to fortify their data strategies to enable scalable, targeted, personalised advertising and experiences that benefit their consumers.

Marketers and retailers should also tap into a unified retail media platform. According to Criteo’s report, the majority of agencies (93%), brands (88%), and retailers (89%) stated that retail media significantly or positively affected their profits in 2023.

In fact, 79% of advertisers agreed retail media spend is more effective in terms of sales than any other channel. The data also illustrates how retail media has evolved beyond purely sponsored product ads. Overall, 85% of brands and agencies agreed that the ability of retail media to drive upper-funnel brand awareness is growing stronger, and 83% of publishers are looking to tap retail media ad spend by embedding products on their web pages, opening up more inventory opportunities for offsite campaigns. 

To grow, brands, agencies, and retailers need solutions that can bring together, streamline, and simplify the handling and assessment of retail media. This helps address challenges related to budget management and measuring ROI, which are directly linked to the broader problem of fragmentation.

Marketers can also leverage SKU (stock keeping unit) data, which includes information such as product description, price, size, colour, and other relevant details that help identify and manage inventory. By analysing individual product codes, it unlocks a wealth of insights about customer preferences and behaviour at a granular level, including fine-tuning targeting, messaging, and overall campaign resonance. 

Marketers can leverage this opportunity by dividing audiences according to specific product categories, customising advertisement content to match particular product preferences, and flexibly modifying bids based on the performance of individual products. This data-focused strategy results in exceptional optimisation and return on investment (ROI) for their campaigns.

Lastly, brands should build a seamless shopping experience. The digital and physical advertising spaces are merging to enhance consumer experiences. This convergence of online and offline domains will compel retailers and brands to expedite their journey towards a fully unified commerce landscape. 

With the influence of ROPO (research online, purchase offline) and the necessity for improved cross-channel attribution, retailers and brands must collaborate more closely to create seamless consumer journeys that enhance engagement and foster customer loyalty.

Taranjeet Singh, managing director for enterprise for APAC at Criteo, said, “Given the varied economic landscape in SEA and heightened demand during Ramadan, it is necessary for marketers to revamp their strategies to effectively reach their audience. Last year’s Ramadan data reveals the changes in SEA consumers’ shopping habits during the holy month. Marketers need to take note of the trends to ensure that their advertising strategies are effective and engaging to their audiences at the most optimal timings.”

Singapore – Multi-category classifieds and recommerce marketplace Carousell Group has launched its ‘Circular Economy Impact Report’ that showed how secondhand transactions have made a positive climate impact in greater Southeast Asia.

The data from the report revealed that the user community of the platform has avoided a total of 116,577 metric tonnes of carbon emissions in four goods categories in 2022, including fashion and luxury, electronics, furniture and home living, and hobbies and toys. The staggering number is equivalent to 5.3 million trees absorbing CO2 per year.

Furthermore, it also showed that more than half, or 56%, of purchases made in the Carousell marketplace displaced the purchase of a new item. On average, 55% of surveyed users across Carousell’s six key markets have reported an increase in buying and selling of second-hand items in 2022 as compared to 2021.

Carousell has also partnered with European climate tech company Vaayu in quantifying their impact, leveraging its proprietary AI and machine learning (ML) technology, and utilising its Life Cycle Assessment (LCA) database of over 600,00 product data points to come up with the report.

Quantifying the avoided carbon emissions, the report reinforces the fact that the act of buying and selling pre-owned or used items is a better choice for the planet as compared to traditional retail, which involves purchasing new items. It also underscores the significance of every individual transaction in contributing to the overall impact of the circular economy.

Gaurav Bhasin, chief strategy officer at Carousell Group, said, “By facilitating secondhand transactions, Carousell Group holds a central role in advancing the circular economy alongside our users in the Greater Southeast Asia region. As a key enabler of the circular economy in our region, we have a responsibility to lead by example and measure the potential positive impact of choosing secondhand products over new ones in a trustworthy and transparent way.”

He added, “In addition to the avoided emissions calculations, we have also taken the opportunity to calculate our group’s carbon footprint. The robustness of our chosen methodology underscores our strong commitment to sustainability, and it forms the bedrock of our sustainability endeavours.”

Also commenting on the result, Quek Siu Rui, co-founder and chief executive officer at Carousell Group, said, “Our mission is to make secondhand the first choice for everyone. We have stayed true to this mission over the past 11 years, and we remain committed to making selling and buying secondhand even simpler, more trusted, and convenient. With the release of the report, we hope more people realise how easy it is to embrace secondhand as a lifestyle and contribute to a greener world without compromising on the things they enjoy.”

Meanwhile, Namrata Sandhu, co-founder and CEO at Vaayu, shared, “Retail is responsible for 25% of global carbon emissions, and with research continuing to show we’re not on track to keep global warming below 1.5C, we’re at a critical inflection point. Circular business models, like recommerce, offer a clear path to reducing retail’s impact on our planet, which is why we are so proud to partner with Carousell Group to quantify its climate impact and empower communications with its users.”

Singapore – Almost half, or 44%, of Thai consumers are more trusting of GenAI’s content, and 42% believe it is safe for use, a report from Publicis Sapient revealed.

According to the report, Thai consumers are among the leading in the global market in terms of generative AI use, with more than one in three, or 35%, answering that they have personally or professionally used generative AI tools before. This places Thailand alongside Australia, which scored 38%.

With GenAI’s capabilities, customers are also expecting a lot from it, including enhanced experiences in activities like shopping. In fact, almost half (43%) of GenAI users want brands to utilise the technology to advance their overall customer experience.

In Thailand, especially, more than half, or 55%, of consumers are expecting genAI to improve their overall customer experiences when interacting with brands and their products and services.

The global survey revealed that a huge majority of Thai consumers (97%) are excited about what genAI will bring to their shopping experience. Additionally, 86% of all genAI users in Thailand also reported that its impact on shopping experiences excites them. This is higher than the 63% global average recorded by the survey. 

Among the genAI tools, nearly half of users globally (45%) are very likely to use a conversational application of the technology for travel and hospitality shopping. Meanwhile, in Thailand, the numbers show a whopping contrast, with 63% of users responding that they are very likely to use the technology.

However, despite the global use of GenAI technology, many remain apprehensive of its implications and safety of usage. The report showed that only 21% of consumers globally trust the outputs produced by a GenAI tool. 

On the other hand, the report also revealed that Thai consumers are more trusting of GenAI’s content and outputs (44%), and they consider them safe to use (42%).

According to the results of the report, organisations must continue to develop strategies and ways to harness the power of generative AI while ensuring that the implementation of the technology remains ethical to establish deeper trust with customers.

The report further suggested organisations develop strategies that will help harness GenAI for customers. Firstly, focus on product research and discovery to enable faster and more accurate search results. Next, focus on helping consumers find the best deals amidst rising costs of living and inflation. And lastly, invest in GenAI-powered customer services to enable seamless, automated interactions like product returns and exchanges.

Andrew Male, client partner at ASEAN, said, “We are extremely excited at the potential that generative AI brings when it comes to transforming the customer experience. Thailand has shown itself to be a leader in embracing the use of generative AI tools, and we look forward to collaborating with our partners and customers to harness these innovative technologies and continually develop innovative solutions that transform how we live, work, and play.”

Singapore – More than four in five, or 84%, of Singaporeans said banks and financial institutions are liable to scam losses to a great extent, data from YouGov showed.

The data from YouGov’s survey revealed that nearly half of Singaporeans claim they receive scam texts, calls, or messages on a weekly basis (48%). Meanwhile, one in seven receives such communication daily (14%), and the rest receive it monthly (19%), every few months (10%), or longer than that (3%).

Interestingly enough, men (52%) are more likely to receive scam texts, calls, or messages than women (44%) on a weekly basis. And among generations, GenX feels the most targeted, with more than half of them (52%) saying they receive such communication on a weekly basis.

The data also revealed that among the different types of scams, online shopping or classified scams have been the most common at 15%. This type of scam is where people receive fake items or do not receive items at all. This is closely followed by job scams at 14%.

Not far from the previous numbers, 13%, or at least one in ten Singaporeans, have also been victims of investment scams, which is the same percentage as the victims of bank or card phishing scams. Aside from these, 9% have been victims of loan scams and social media phishing scams, and 53%, or more than half, have never been victims of any scams.

Among these various types of scams, a worrying number half of Gen Z have already been victims of a scam, with bank or card phishing scams being the most common type (15%). This is followed by investment scams and social media phishing scams (14% and 13%, respectively).

Meanwhile, job and employment scams top the list for millennials (16%), followed by online shopping scams (15%) and investment scams (14%). And for GenX, online shopping scams have been the most common (19%), followed by job scams (15%) and investment scams (14%).

Looking at the victims, one in seven (14%) admitted to losing money, and three in ten (30%) haven’t experienced it but personally know someone who lost money due to a scam. On the other hand, half (50%) have neither been victims themselves nor know anyone who has been scammed for money.

With the concerning issue of scamming and loss of money due to a certain scam, the data from YouGov revealed that Singaporeans hold banks and financial institutions most accountable for bearing scam losses, with 84%, or more than four in five respondents, saying they are liable to some or to a great extent.

After banks, 77%, or three-quarters, believe that bearing losses lies with the consumer, while 76% each for telcos and the government.

To protect themselves from scams, three-quarters of Singapore residents ignore or block unknown emails and phone numbers (75%). Other than this, 69% do not share personal details or financial information with anyone, 64% avoid downloading software and mobile apps from unknown sources, 61% won’t transfer money to anyone they haven’t met, and 61% verify numbers and emails before taking any action to prevent any financial fraud.

It is also worth noting that older generations, such as Gen X and Baby Boomers, are more likely to take countermeasures against scams than Gen Z and millennials.

YouGov’s survey comes after the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) proposed a Shared Responsibility Framework (SRF) for phishing scams in Singapore. This newly proposed framework requires financial institutions and telecommunication companies to share the responsibility for scam losses should they fail to discharge prescribed duties.

The survey data showed that most Singaporeans view the framework positively and believe it will be effective in strengthening the accountability of all the parties involved in mitigating scams, especially banks and financial institutions (78%). Meanwhile, seven in ten expect telcos to become more responsible due to this development (70%), and nearly two-thirds think it will make consumers more accountable (64%).

Hong Kong – Over 90% of SMEs consider virtual banks with advanced technology services as convenient and efficient, a survey from the Hong Kong Association of Banks (HKAB) revealed. 

The results of the survey showed a predominantly positive impression of virtual banks, with over 70% of the 1,000 individual respondents saying that virtual banks are innovative and convenient.

Interestingly, SMEs are found to have an even better perception of virtual banks. The majority, or over 90% of respondents, considered virtual banks with technology-enabled advanced services as convenient and efficient.

Virtual banks have various usage offerings and are typically used for general banking services. The most frequently used banking services for individual respondents were deposit or savings (63%), followed by credit card and debit card services (49%), and rewards such as cash rebates and free gifts (45%).

Deposits or savings (38%) also topped the list for SMEs’ most-used banking services, followed by investment funds (28%) and money transfers (28%).

With these offerings, the use of virtual banks has also been steadily rising, with 45% of the surveyed individuals opening virtual bank accounts. Additionally, 30% of respondents expressed an intention to sign up for a virtual bank account in the next three months.

High deposit interest rates, rewards for opening an account, and convenience were among the key factors that motivated individual respondents to open virtual bank accounts.

And with the increasing number of individuals and businesses utilising virtual banks for transactions, the survey also delved into how the public perceives and understands virtual banks.

The results from the survey revealed that more than half, or 52%, of individual respondents believed the advantage of virtual banks lay in reduced document requirements. Meanwhile, 50% believed virtual banks were innovative, and 48% believed virtual banks had lower fees.

Furthermore, more than 50% of individual respondents also considered themselves knowledgeable about and favourable towards virtual banks, as they perceived virtual banks’ services as essential to their financial needs.

On the corporate front, a staggering 90% of the surveyed SMEs expressed that virtual banks were convenient, as they provided fast and efficient service and contributed to enhanced operational efficiency. The results are reflected in the number of SMEs that have integrated virtual banking services into their business operations.

A significant 76% of the surveyed SMEs also possessed virtual bank accounts, while 79% also had accounts with traditional banks. This shows that there is an open interest in opening new accounts with virtual banks despite the existing traditional bank accounts, as SMEs are also found to be relatively concerned about service efficiency and convenience, brand and reputation, and the interest rate of savings.

HKAB’s survey also showed that there is a clear understanding of virtual bank regulations, with 75% of individual respondents stating they are aware that virtual banks are also licenced and regulated by the Hong Kong Monetary Authority (“HKMA”). This awareness rate is much higher among SMEs, at 79%.

Additionally, 65% of individual respondents and 62% of SMEs were also aware that deposit accounts in virtual banks are currently entitled to up to HKD 500,000 in protection.

According to the report, the deepening public understanding and interest in virtual banks can be attributed to their features, which offer convenient and secure services to customers.

One of these features is the robust security infrastructure and stable systems that effectively detect and prevent fraud, ensuring the utmost security for user accounts. Virtual banks now have high-value user security and mobile-binding authentication functions on top of their other identification features. Some mobile apps also feature a “report lost card” function to protect lost cards from unauthorised transactions.

Virtual banks now also prioritise transparent privacy management, placing a high value on the non-disclosure of customer information to third parties without the customer’s consent. Additionally, virtual banks, being part of the Hong Kong Deposit Protection Scheme, ensure that their depositors enjoy the protection of deposits up to HKD500,000.

And lastly, virtual banks also deliver innovative banking services that empower individuals and businesses to accomplish their financial objectives, all by harnessing the power of fintech.

A spokesperson for the Virtual Banking Education Taskforce of the Hong Kong Association of Banks stated, “The survey results demonstrated that over the past four years, the public has developed a more accurate and in-depth understanding of virtual banks. They recognised that virtual banks are no different from traditional banks in terms of regulation and deposit protection for account holders.”

They also added, “With this in mind, virtual banks can offer customers convenient experiences through fintech; for example, virtual banks provide 24/7 banking services and reduce the time required for account opening and loan approval. Overall, we are pleased to see the improvement in public and business perceptions of virtual banks. Going forward, the VBE Taskforce hopes to deepen public understanding of the features of virtual banks through intensified promotional efforts. As the public’s understanding of virtual banks deepens, it is widely believed that the popularity of virtual banks will continue to increase, further promoting fintech development in Hong Kong.”

Singapore – Almost 84% of Singaporean travellers are greatly inspired to travel to movie or TV show destinations, a report from Skyscanner revealed.

The insights from Skyscanner’s report showed that the majority of Singaporean travellers are greatly inspired by film and entertainment, with 8 out of 10 choosing destinations based on a movie or TV show they watched.

In addition, nearly half, or 41%, of the respondents consider the overall ‘vibe’ of a destination as important when planning where to go in 2024. The four key travel vibes identified by the report are set-jetting (84%), gig tripping (60%), budget bougie foodies (54%), and destination Zzzz (23%).

Among the four key travel vibes, set-jetting came out on top as Singaporean travellers embody their ‘main character energy’ thus wanting to slot themselves into the locations of their favourite shows.

The jet-setting trend can be partially attributed to the ‘Korean Wave’ that hit Singapore since 2001 and is still present today, with the TV series favourite Jeju in South Korea claiming the top spot in the 2024 destination list Singaporeans wish to visit. This is followed by Christchurch in New Zealand, where ‘Lord of the Rings’ was filmed, and Paris in France featured in ‘Emily in Paris’.

Aside from the ‘main character energy’ trend, ‘gig tripping’ follows behind, with Singaporean travellers expressing the willingness to fly to another country to catch their favourite artist.

Under this trend, 46% said they were willing to fly short-haul and 14% said they’d fly long-haul. In fact, 28% of Singaporean travellers plan to attend a gig or music concert abroad in 2024.

Meanwhile, eating and trying local authentic cuisines remains a popular activity for Singapore travellers, thus placing the ‘budget bougie foodies’’ trend on the top 4 list.

Around 30% of respondents have booked a destination purely to visit a specific restaurant, with Osaka, nicknamed ‘the kitchen of Japan’, being the top trending destination amongst Singaporean travellers.

Also making it to the top 4 key travel vibes is the ‘destinations Zzzz’ trend, with the data from the report revealing that sleeping ranks high on the Singaporean travellers’ main activities for their next holiday. This even ranked above water sports (22%), wildlife spotting (19%), and snow sports (18%).

The trend is likely to continue as 39% of Singapore travellers attest to enjoying better sleep on a holiday, likely due to the therapeutic escape a vacation offers.

The report also looked into the changing lifestyles of consumers that are creating new traveller types in 2024.

Among the types of travellers emerging in 2024 are the analogue adventurers, with one in five, or 19%, of Singaporean travellers aged 18 to 24-years-old now bringing a Polaroid camera with them on holiday. This stems from the trend where Gen Zs are bringing back old-school analogue adventures that ditch the digital device.

Celebration vacationers are also expected to emerge as more Singaporean travellers look into celebrating big milestones in their lives with style. The report revealed that two in three, or 64%, of travellers have taken a group trip to celebrate a birthday or anniversary.

However, the issue of cost often comes up, as one in two (48%) said that agreeing on the expected costs of the trip is their primary hurdle when planning group trips, followed by knowing how or where to communicate with their group (43%).

Lastly, the report also identifies the emergence of the ‘luxe-for-less seekers’, as 23% of Singaporean travellers plan to upgrade their flight to business or first class in 2024, while 25% plan to purchase airport lounge access.

The report not only covered decision-making trends but also the top trending destinations Singaporeans are looking into for their 2024 trips.

Japan places two of its cities, Osaka and Fukuoka, on the top trending list for Singaporeans, with the former being a foodie haven and the latter being beautifully serene. The bustling city of Taipei in Taiwan also rounds out the list at number three.

On the other hand, Indonesia came out top overall, securing the highest three spots for the best value destinations category, with its cities Yogyakarta, Jakarta, and Praya making it to the list.

It is worth mentioning, however, that the report also found Singaporeans grappling with the challenge of switching off while on vacation. Despite 89% of respondents acknowledging the importance of disconnecting during a trip, 34% still check their work emails, with 23% even admitting they are searching for a new job while overseas.

Cyndi Hui, travel trends and destination expert at Skyscanner, shared, “Singaporeans have shown themselves to be inspired travellers, driven by a strong desire to go where their imagination takes them. That said, we also see that the demands of modern life too often prevent us from committing ourselves to the present.”

“In 2024, we hope to help Singaporeans prioritise themselves, and that includes fully embracing the many opportunities and experiences that come with travelling. Skyscanner, with its suite of traveller-first tools, provides fuss-free travel planning, allowing you to live in the moment, free of distractions,” she added.

Singapore – Around 70% of marketing decision-makers worldwide are investing more than half of their budgets in long-term initiatives, with 78% remaining optimistic in the future regardless of ongoing crises, a study from GfK revealed.

The results showed that 61 percent of marketing decision-makers worldwide believe that their industry has been hit harder than others by the ongoing turbulence of recent years.

Among these numbers, there are regional disparities, with 66% of marketing decision-makers in Europe and 65% in North America feeling particularly affected by the economic situation. Meanwhile, only 52% in Africa and the Middle East and 55% in the Asia-Pacific region agree with this statement.

However, despite ongoing crises, over two-thirds (70%) of marketing decision-makers worldwide are investing more than half of their budgets in long-term initiatives like campaigns focused on strengthening the brand. The proportion further rises to 78% among CMOs.

Industry-wise, consumer tech (76%), automotive (76%), and retail (74%) are among the areas marketing leaders are zeroing in on for long-term brand-building strategies. Additionally, B2B brands are more willing to make long-term investments, with longer conversion cycles and smaller customer bases probably playing a role in their decision.

The results of the study further showed that optimism and confidence are still present among CMOs, as almost three-quarters state that their company has grown in the last three years and 78% state that they are optimistic about the future.

These optimistic marketing leaders are more focused on long-term brand building (77%), suggesting a link between optimism and long-term investment. Most marketing leaders also show impressive confidence in their budgets, with nearly two-thirds overall saying they find it easy to justify their financial needs and fund their marketing expenditures, particularly in North America and Europe.

In terms of the speed at which they receive real-time insights, 61% of global marketing leaders state that they receive actionable insights either immediately after data gathering or in the short term, but still quickly. Only 3% claim that generating insights takes too long to be useful for their marketing campaigns at all.

On the other hand, larger companies seem to have an advantage. The data revealed that the bigger the company, the higher the proportion of insights generated in real-time.

Among the frontrunners, Europe leads the way, with 33% of marketers saying they receive insights in real-time. This shows a huge gap versus the global average of 26%.

The score, meanwhile, is lowest in Africa and the Middle East, where only 19% claim to have access to real-time insights. One-third of global marketers state that data integration is the main obstacle to achieving real-time insights.

Overall, 44% of the survey’s respondents want to improve their capabilities in generating actionable insights, while 42% aim at improving data integration in their companies.

Next to real-time insights, AI is also transforming the way marketers work. Almost half of marketing leaders worldwide (45%) said they are already using AI, while 40% are familiar with or using machine learning models.

Additionally, the uptake of ChatGPT has been rapid, with 36% of respondents stating they were already using it by March 2023, despite it being on the market for less than a year. Marketers in big enterprises are seen to be early adopters of such technology, showing more familiarity than those in smaller firms.

Another thing worth noting, however, is that the data from the report also raises the question of whether marketers are failing their audience in terms of sustainability.

After some extreme weather events, CMOs worldwide are placing more emphasis on sustainability and environmental protection, with 42% stating this is an important part of their brand. The number is especially high in Africa, the Middle East, and Asia Pacific (46%).

Still, there seems to be a huge gap in how marketers perceive their audience in relation to demands for sustainability. The report revealed that only 30 percent of the respondents feel that their customers expect them to address sustainability.

On the flipside, the report finds that almost 73% of consumers actually expect companies to take environmentally responsible actions. One factor might be that companies tend to see sustainability as a corporate initiative rather than a marketing one, to which at least 24% of global marketers agree, especially among North American companies.

Overall, marketers need to keep in mind that any engagement with the environment and the climate must be authentic and long-term to be credible for consumers.

Gonzalo Garcia Villanueva, CMO at NielsenIQ/GfK, shared, “In recent years, market disruptions have shown us just how quickly buyer behaviour can pivot, highlighting the need for real-time predictive data. The businesses that thrive in this environment will be those that can anticipate what’s coming next.”

He added, “It is notable that marketing leaders across regions who say that their company has grown in the last three years and are optimistic get their insights faster than others. This indicates that successful companies are more digitalized and prioritise real-time insights for marketing.”

Singapore – Around 23% of market share in 2022 will be accounted for by insurgent disruptors as Southeast Asian consumers’ find ways to satisfy their unmet needs and evolving preferences, a report by Meta, Bain & Company, and DSG Consumer Partners revealed.

The report reveals that there is an emerging new hierarchy of wants and needs for consumers in Southeast Asia.

Almost 39% of consumers indicated a reduction in their average spend in the past year, citing top concerns around economic stability (63%), and cost of living (58%). Alcohol and electronics experienced the largest drop in spending, while food, personal care, and wellness categories remained resilient.

However, despite the reduced spending, the report observed a reprioritization of what is perceived as needs versus wants for consumers. What consumers previously considered luxuries like eating out every week, branded apparel, and the latest gadgets have moved into what is now seen as new ‘needs’. Social media was also cited as the top essential category and streaming as the rising essential category across income levels.

With some wants slowly transitioning into new needs, the report also unveiled some interesting data emerging in the Southeast Asian workforce.

According to the report, Gen Zs and solo entrepreneurs are becoming important cohorts to engage with as SEA’s working population is set to increase by 24 million people by 2030.

The rising incomes and growing middle and upper middle classes are causing the region to move closer to a consumption inflection point, which will accelerate the trajectory of consumption growth. And Gen Zs and single households are two particular consumer segments driving this growth.

Around 23% of Gen Zs comprise the total Southeast Asian population, while the solo economy, made up of single households, is growing, driven by three key demographic groups: older singles, young professionals, and young urban migrants.

The shifts in household sizes are expected to be most pronounced in the Philippines, Singapore, and Thailand, which are expected to see a 20% increase in single households by 2030.

Additionally, the report revealed that Gen Zs value individuality, authenticity, and identity more than other generations. They are not just digital-centric but highly engaged in the digital community, messaging businesses an average of eight times a month, and 82% of them said they are part of an online community.

However, older generations are also quickly catching up in terms of experimenting with new technology. Data from the survey reports reveals that AI is powering personalisation across generations.

With all generations in the region spending more time online and experimenting with new technologies such as AI, VR, and healthtech, businesses in SEA should have an idea of how they can successfully engage with their consumers.

The report showed that businesses in Southeast Asia are beginning to use AI for marketing purposes and to address region-specific issues. Almost 73% of business leaders surveyed recognised the opportunities from AI. However, they also admitted that they were not prepared to seize them.

Nevertheless, once businesses can focus on personalised marketing and invest in AI-powered and AI-enabled tools to facilitate personalisation on a large scale, they will be able to effectively reach Southeast Asian consumers and drive a strong ROI.

However, the most interesting data the report captured is the emergence of insurgent disruptors or brands that are new to the market but are growing five times quicker in revenue versus their category growth rate.

These insurgent disruptors are now responsible for US$52b in revenue in Southeast Asia alone and accounted for 23% of the market share in 2022. Among the top categories where insurgent disruptors have successfully gained market share are beauty, personal care, and packaged food.

Praneeth Yendamuri, partner at Bain & Company, said, “Southeast Asia as a region has demonstrated resilience amidst the global slowdown and consumer sentiment is rebounding in most markets. This is a great opportunity for businesses to address the needs of approximately 700 million consumers in a USD $4T economy that is forecasted to grow at 4.6% to 2030 (vs. 2.7% globally).”

He added, “SEA has repeatedly shown its importance as part of investors’ portfolios with significant global valuation and profit and loss impact. To take the region to its full potential, bold moves are required: relooking at your SEA ambitions by prioritising, sequencing, and, most importantly, funding them. Companies should also form an obsession with local consumers and evolve operating models to be locally responsive, balancing the incumbent scale advantage with the disruptive insurgent mindset.”

Speaking on the report, Benjamin Joe, vice president for Southeast Asia and emerging markets at Meta, also commented, “AI is powering better experiences for people, and it’s powering better outcomes for businesses. At Meta, we’re combining our AI-powered discovery engine with the social connection that has always been the core of our platforms to deliver more relevant, entertaining, and locally attuned experiences. With new tools capable of big impact, it’s no surprise that marketers across Southeast Asia are already starting to lean into AI to drive more impactful engagement and performance.”

“Embracing AI is now more crucial than ever for businesses aiming to thrive in the ever-evolving digital landscape of Southeast Asia,” he added.

Meanwhile, Sameer Mehta, head of Southeast Asia at DSG Consumer Partners, also shared, “Insurgent disruptors are new brands less than 10 years old that have demonstrated strong market share growth. With ‘wants’ transitioning into ‘needs’ and dissatisfaction with what the incumbent brands provide, it is no surprise that Southeast Asian consumers are choosing insurgent disruptors to satisfy their unmet needs and evolving expectations.”

Singapore – With almost 63% of marketers already using it, generative AI is expected to shape the industry in the coming months, a report from dentsu revealed. 

According to the new dentsu report, generative AI, together with monetization and integrity economics, are among the rising trends set to transform the media industry in 2024 and beyond. 

Around 63% of marketers have said they’ve already started engaging with generative AI in their company. With this, the report predicts that technology will take centre stage, covering areas such as creativity, media planning, and production.

The report showed three trends in generative AI. These trends are the rise of generative search, the augmentation of human creativity in fields like content and image development, and generative optimisations, where generative AI simplifies advertising production, targeting, and effectiveness.

The dentsu report also revealed key predictions pointing to the race to monetisation between tech platforms. These tech platforms are expected to double down on becoming more protective of their data, understanding their users, and stepping up their advertising offerings as they continue to monetize their services. 

This megatrend incorporates trends like a world of lookalike apps where platforms become progressively similar. Also part of these trends are the platforms having a more defensive stance on their data, doubling down on people intelligence, and expanding advertising to new areas for most platforms.

Lastly, the latest report also showed trends leaning towards integrity economics, where the focus is on brands and their sustainable contributions to society. Brands that can build more carbon-efficient, diverse, and safe online spaces for people and other brands may achieve more success.

According to the report, this trend is highlighted by media consumption becoming increasingly diverse and personal, new developments in brand assurance that create safer environments for both people and brands, and brands implementing carbon media efficiency strategies. 

The latest report highlights the key trends within each of these three areas of interest and provides suggestions on how brands can capitalise on them in the short and long term. 

Peter Huijboom, global CEO for media international markets at dentsu, said, “Our own client research has shown that more than 60% of marketers have said they’ve already started engaging with generative AI in their company. So, in our dentsu 2024 Media Trends report, it was important for us to identify and introduce the additive advantages, trends, and technologies to help them progress in this space.” 

Huijboom continued, “When we bring our experts together from our media agencies and from all around the world to create these predictions, it is essential that we showcase the most pressing topics and the best opportunities for the future. This report does exactly that, in a convenient and easily accessible way.”

Speaking on the report, Anita Kotwani, CEO of media for South Asia at dentsu, also said,  “Artificial intelligence (AI) is not just a buzzword, but a game-changer for the media industry. It has the power to automate, optimise, and personalise various aspects of media planning, buying, and execution. It can also unleash the creative potential of media professionals by enabling them to generate new and engaging content, formats, and experiences for their audiences. This is what we call generative AI, and it is the focus of our 14th edition of the Media Trends Report.”

“At dentsu, we take pride in our insightful expertise that keeps us ahead of the competitive curve. We are always exploring new ways to leverage AI for our clients, partners, and employees. The Media Trends Report deep-dives into one of the most disruptive technologies, AI, taking us through the many trends that serve generative AI on a platter. It aims to enable readers to reshape their work dynamics, tapping into the untapped potential through its many facets,” Kotwani added. 

Singapore – The Southeast Asian markets Malaysia and the Philippines are seen to have its retail sector thrive with 63% and 45% in retail growth, while Singapore reports a -2% decline, new data from foundit has revealed

In terms of job demands, Malaysia demonstrated a relatively consistent result over the past three months, signifying a stable market. Malaysia has shown a positive resurgence with 1% month-over-month (MoM) growth and a robust 7% year-over-year (YoY) growth across various industries.

In contrast to this, Singapore is facing challenges with a decline of -1% MoM and a significant -14% YoY in hiring demand. Additionally, the tracker showed a 4% decrease in job demands over the last three months. These numbers signal a sign of vulnerability in the job market and a reduced pace of hiring.

Similar to Singapore, the Philippines has also witnessed volatility in its job market, with a 5% decrease in job demand over the same three-month period and negative 9% YoY trends. However, despite the decline, the country’s small MoM increase of 3% suggests a reviving job market and a potential recovery in the future.

Meanwhile, Malaysia experienced an extraordinary YoY growth of 88% in the hospitality sector, while Singapore and the Philippines reported more modest figures of 8% and 0%, respectively. The high numbers can be attributed to strategic government initiatives, including substantial investments in overseas promotions and digital content on international television channels.

In the retail sector, Malaysia (63%) and the Philippines (45%) both witness remarkable growth, with the latter undergoing a robust double-digit month-on-month increase. Luxury e-commerce and the expansion of retail outlets contributed to this surge. On the flipside, however, Singapore’s retail sector reported a -2% decline for August 2023, but an optimistic outlook prevails for the upcoming quarter in the industry.

Additionally, the logistics sector also saw increased demands in Malaysia (25%) due to significant e-commerce growth, but Singapore (-4%) and the Philippines (-35%) continue to face challenges in the same sector.

Also worth noting, however, is that despite Malaysia showing growth in other sectors, it is showing a decline when it comes to IT, telecom/ISP, and BPO/ITES, like Singapore and the Philippines. The unpredictable global landscape impacted these sectors, with the Philippines showcasing a unique pattern of IT, telecom (-22%), and BPO/ITES (0%).

But even so, data from the report showed Malaysia demonstrating growth and resilience in the tech sector, with a 3% YoY growth in software, hardware, and telecom roles. This growth reflects the ongoing digitization efforts across industries, demanding professionals with technology expertise to drive innovation and efficiency.

The country’s sales and business development roles show the same impressive 34% YoY growth, signifying a proactive approach by businesses to expand their market presence and seize emerging opportunities.

In the customer service sector, Malaysia witnessed a substantial -44% YoY decline due to evolving dynamics and automation’s increasing role.This is in contrast with the Philippines experiencing growth in the domain with a 6% YoY trend, which is in line with its position as a hub for customer service outsourcing activities within the BPO sector.

Based on the report, Singapore and the Philippines also share a -18% and -23% YoY contraction in the marketing and communications roles, possibly reflecting adjustments in marketing strategies amidst evolving market dynamics.

Regarding hospitality and travel roles, Malaysia continues to see a remarkable surge of 133% YoY growth, contrasting that of Singapore and the Philippines, with more conservative figures of 8% and 0% YoY growth for the same roles, respectively.

Meanwhile, the purchase, logistics, or supply chain professionals face diverse challenges, with Malaysia showing a slight 2% YoY increase, while Singapore (-9%) and the Philippines (-24%) report declines.

Commenting on the report, Sekhar Garisa, CEO at foundit, said, “Skill enhancement is crucial to navigating the ever-changing job market in this digital age successfully, and it is imperative that we remain flexible and well-prepared to embrace these changes. Malaysia is currently experiencing a favourable hiring environment, but there is an increasing demand for new skills across various sectors.”

He added, “On the other hand, Singapore has a moderated economic outlook, which provides a valuable opportunity for job seekers to enhance their skills and plan for the future proactively. Meanwhile, the Philippines exhibits a recovering job market, underscoring the continuous need for learning and growth in alignment with changing hiring trends. Across these three diverse markets, the constant remains re-skilling and upskilling. The common thread connects job seekers and employers on their journey to success and progress in this rapidly evolving landscape.”