Southeast Asian Consumers Are More Discerning in Their Shopping

Crisis situations, such as the current Covid-19 pandemic, have made consumers more selective and cautious in their spending habits. They appear more conservative and prioritize value for money (VFM). This concept emphasizes low prices while maintaining efficiency and effectiveness.

According to YouGov research, consumers in Thailand are most likely to base their purchasing decisions on VFM. At least 71% of consumers in the Land of Smiles are more cautious in their spending. Singapore and Malaysia follow with 68% and 59% of consumers adhering to the VFM concept, respectively.

This VFM-based spending trend is predicted to continue. Southeast Asian populations are considered less materialistic, tend to save more, and are taking out insurance within the context of the new normal.