Tag: NielsenIQ

Singapore – The snacking and confectionery market across Asia Pacific (APAC) is booming, recording 10% growth in both volume and value in 2024, reaching a market valuation of US$64 billion, according to a new report from NielsenIQ (NIQ).

According to the report, the APAC snacking landscape is evolving, driven by demands for convenience, healthier choices, and a curiosity for new options, with 73% of consumers eager to try new brands. This curiosity is further fuelled by key discovery channels, including online reviews (38%), family and friend recommendations (36%), and offline visibility (31%).

NIQ’s report highlights that convenience, health consciousness, and mood-boosting snacks are key factors shaping consumer preferences in APAC.

The report reveals that convenience is the top priority for APAC consumers when choosing snacks, with 84% highlighting its importance. This is followed by preferences for low-calorie, healthier options (73%) and mood-enhancing snacks like stress relievers (69%).

Portion-controlled snacks are also growing in popularity among APAC consumers, with 33% incorporating meal kits or prepared foods into their snacking habits. 

Additionally, protein snacks are gaining popularity, with brands expanding their offerings beyond bars to include chips, ice cream, cookies, and more.

The report further highlights notable differences in healthier snack preferences across age groups. Boomers (60+ years) prioritise low-sugar options over low-calorie snacks or those with healthier ingredients, reflecting their focus on managing specific health concerns.

In contrast, Millennials (28–43 years) favour snacks with enhanced flavour, high fibre, and functional benefits, placing these attributes above low-sugar options as they balance health with versatility. Meanwhile, Gen Z (18–27 years) seeks snacks that enhance mood, offer bold flavours, and provide unique varieties, aligning with their desire for emotional well-being and novelty.

As health-conscious snacking continues to rise across APAC, NIQ emphasises that the confectionery industry is set to expand its range of health-orientated products to meet the growing demand for healthier options.

The report also found that, among APAC countries, Singapore leads the region in snack spending, with consumers averaging USD $121.30 per buyer in 2024. This marks the highest spending in the region, up from USD $119.30 in 2023.

According to the report, this growth is driven by strong performances in key categories, including gum and candy (+18%), other snacks (+15%), and chocolates (+7%) during the same period.

Beyond health, variety plays a crucial role, with 62% of APAC consumers valuing unique snack options. In Singapore, original, cheese, and spicy flavours are the top choices, while BBQ, spicy, and cheese dominate in Southeast Asia. Price sensitivity also remains a significant factor in consumer decisions, with price drops being the primary influence on brand selection.

Jakarta, Indonesia – Despite improvements from the previous year, only 46% of MSMEs have fully separated their business and personal finances, which could impact cash flow and business sustainability. This is according to the latest data from PT Bank OCBC NISP Tbk (OCBC) and NielsenIQ (NIQ) Indonesia’s Business Fitness Index (BFI).

The data showed that MSMEs registered as business entities tend to have a better understanding of financial management systems and business risk planning. This results in a healthier financial score of 60.2, compared to those without an entity, who score 47.4. 

This is attributed to having clearer and measurable business plans, targeted business strategies, and proper, regular, and orderly financial recording, which can serve as an accurate basis and benchmark for business continuity.

Moreover, with separate business accounts, financial record-keeping can become more organised and well-documented. The good news is, the awareness amongst MSMEs in Indonesia regarding meticulous financial record-keeping has increased, evidenced by 77% of MSME operators who have already conducted financial accounting or bookkeeping. However, of those who have done financial record-keeping, 77% still perform it manually.

The report also showed MSMEs in Indonesia are improving in financial management as seen from the increase in scores for maintaining cash reserves, influenced by higher income compared to expenditure. Hence, generally, this year the financial health score of MSMEs has increased to 48 compared to last year’s 43.8. Although there has been an increase, this score is still in the ‘caution’ category and far from the ideal score of 75.

MSMEs have also begun to harness digitalization in their marketing efforts. Up to 81% of MSMEs already have social media accounts, yet only 35% understand and maximize its features. Regarding the intensity of usage, 46% of MSMEs with social media accounts are not active enough in their use. 

The utilisation of e-commerce/online platforms is also not optimal, with only 17% of MSMEs using this platform. This means MSMEs must be more proactive in exploring digital platforms that can connect them with customers and potentially expand their business scope.

Sari Kartika, SME proposition division head at OCBC, said, “Separating business and personal income is an essential first step for MSMEs to advance to the next level, especially by utilizing a business entity identity. However, many entrepreneurs face challenges in opening business accounts, mostly related to processing time and documentation requirements.”

Lastly, the research shows that currently, both female and male entrepreneurs are increasingly optimistic about their business capabilities. Interestingly, 23% of male entrepreneurs agree that female entrepreneurs are better at managing business finances and securing business capital, compared to 10% who stated males are better. Meanwhile, male entrepreneurs are considered more capable in critical aspects, such as making business decisions, facing business challenges, and allocating more time for business.

Inggit Primadevi, director of consumer insights at NIQ Indonesia, commented, “Research results show that 80% of MSMEs are not registered as business entities, and only 3% of Indonesian MSMEs are registered as single shareholder limited companies. Among those registered, small enterprises are the majority, while micro enterprises are significantly lower. These results indicate a need for improvement to elevate MSMEs to the next level.”

Singapore – The global measurement and data analytics company, NielsenIQ, has announced a new partnership with global experience management (XM) provider Qualtrics, to help brands drive sustainable growth.

The partnership aims to create comprehensive brand experience solutions, providing organizations with a real-time, 360-degree view of their brand health based on consumer feedback. Through this, NielsenIQ will be using Qualtrics BrandXM™ to power its measurement solution Winning Brands, turning consumer insights into action to differentiate themselves and expand their customer base. 

Winning Brands is NielsenIQ’s proven model for measuring brand awareness, consideration, and image before, during, and after brand exposure to consumers. Qualtrics BrandXM will be identifying essential brand drivers among potential customers, empowering businesses to accelerate customer acquisition and increase their brand value.

Yuneeb Khan, NielsenIQ’s global president for consumer insights, shared NielsenIQ’s best-in-class methodology, combined with Qualtrics’ experience management technology, which will help brands adapt and be successful in any business environment. 

“We are proud to be partnering with Qualtrics to provide brand leaders deeper insights in real-time, allowing them to gain a leg up on their competition,” said Khan.

Meanwhile, R.J. Filipski, the global head of ecosystem at Qualtrics, said that the experiences every organization delivers have never been more important.

“Bringing together NielsenIQ’s leading Winning Brands model with Qualtrics’ proven ability to help organizations deliver what consumers want will give brands a significant advantage in rapidly changing markets. The insights will empower brand leaders to serve consumers on a global scale faster than ever before,” said Filipski.

NielsenIQ said that the joint solution will allow brands to capture key brand metrics, such as Brand Equity Index, a barometer of consumers’ purchase intent correlated with market share, on a single platform. It will align them with business outcomes including awareness, consideration, and usage.

In addition, the solution will provide pre-built analytics, automated workflows, and interactive dashboards from Qualtrics.