An update on consumer sentiment in Asia-Pacific

Consumers in leading Asia-Pacific (APAC) markets have become more cautious and thoughtful since the beginning of this year. McKinsey’s latest ConsumerWise Survey finds that a growing number of consumers are trading down to save money, although many are also inclined to selectively splurge. The survey also finds that consumer confidence remains higher in India and China than in APAC’s more advanced economies, which may result from the growing number of consumers ascending to the middle and upper classes.1 Below are the survey highlights.

Declining consumer optimism

Consumer optimism is declining in most of Asia-Pacific.

A mixed spending picture

The spending picture is mixed throughout Asia-Pacific.

Consumers getting ‘phygital’

Consumers are interacting with products both in person and digitally.

Saving but also splurging

Asia-Pacific consumers are facing a conflict of spending while saving.

Eroding shopper loyalty

Shopper loyalty continues to erode in Asia-Pacific.

Economic uncertainty is persisting throughout critical APAC markets. Will consumers gain confidence or pull back their spending? Watch this space for regular updates on the state of the APAC consumer, and visit our ConsumerWise page for more insights.

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