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GFK: Individual value changes trends

MANILA, AUGUST 12, 2013 – Research firm Growth from Knowledge (GFK) points to the individual value of consumers as among the top trends that transform retail in the Southeast Asian countries including the Philippines.

 
GFK presented their findings in the 22nd National Retail Conference held recently at the SMX Convention. Asia-Pacific manager for retail world and consumer choices Trista Irwin, said that in the next five years, consumers will remain traditional but will want to experience excitement with the products they buy, especially when hedonistic trades come through. 
 
Local retailers will take better advantage of technology to connect with their consumers. Irwin said that in 2012, the rate of purchase of electronic devices rapidly increased. He also advised retailers on creativity being an important element to attract consumers. “Actually I met someone yesterday [who] said there are selfish consumers, but for me, these are people who wants something different, having fun with their lives, someone who wants experience,” Irwin added.
 
Irwin said consumers now are not materialistic, but more status-conscious and enthusiastic with luxury brands. “One thing also that is really cutting across the most of the Southeast Asian countries is an expectation of quality. There is this underlying attitude in Asia with achieving mindset means a state of status and power is incredibly important.” 
 

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