ASIA – About US$770 billion in new consumer spending in the ASEAN (Association of South East Asian Nations) region is expected over the next few years, thanks to robust consumption fuelled by a rapidly growing consumer class, rising income and urbanization.
According to market research from Accenture, this presents “tremendous” new business potential for consumer packaged goods (CPG) companies.
With the ASEAN economy expected to reach US$3 trillion by 2020, Accenture predicts that over the next five years, 60 million people will become part of the region’s consuming class, with the means to purchase goods beyond subsistence for the first time. Rising disposable income will propel an additional 40 million people into higher income tiers by 2017, enabling them to trade up to premium products.
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