Asia’s Consumption Driven by Sustainability: McKinsey
Business news
Consumers in Asia are set to account for half the world’s growth in consumption, amounting to some US$10 trillion by 2030, according to a research study from McKinsey Global Institute.
But businesses hoping to tap this golden opportunity will face challenges of shifting preferences, demographics, and diversity, the report warned. It also said that gaping differences within consumer demographics, due to the deep inequalities plaguing the region, will force businesses to re-evaluate their strategies.
The report also highlighted that different levels of comfort regarding online consumption will also force businesses to stratify their online and physical presence accordingly. Digital natives – those born between 1980 and 2012 – will account for over a third of Asia’s consumption.
