LONDON--(BUSINESS WIRE)--Market Research Company Euromonitor International released today a new white paper providing a strategic approach on marketing to the ASEAN (Association of Southeast Asian Nations) consumer.
The creation of the ASEAN Economic Community (AEC) in December 2015 will unite the ten members of the ASEAN into a single market and production base. This will thrust Southeast Asia into the spotlight, attracting greater attention from multinationals which have so far been drawn mainly to China and India. Poised to become a global economic powerhouse thanks to its expected strong future economic performance, the AEC also has real potential of becoming a vast market with predominantly young, dynamic and increasingly affluent consumers, in contrast to ageing China and Japan.
“If the ASEAN was a single economy, it would be the 7th largest in the world with total GDP of US$2.5 trillion in 2014 and Euromonitor International forecasts that by 2030 it could become the third largest economy behind only the USA and China,” explains An Hodgson, income and expenditure manager at Euromonitor International. “Currently, the ASEAN market holds more than 622 million consumers and a total consumer expenditure of US$ 1.5 trillion in 2014.”
The ASEAN consumer market is expected to expand rapidly, with total consumer expenditure forecast to grow by 105 percent in real terms between 2015 and 2030 to reach US$3.1 trillion in constant 2014 prices.
“The ASEAN has excited consumer goods businesses not only with its exceptionally fast pace of economic development over the past decades, but also and more importantly because of its long-term potential as a collectively youthful and dynamic consumer market,” concludes Hodgson. “Southeast Asia is entering a new era and the commencement of the AEC at the end of 2015 will be the start of an exciting journey ahead.”
To download a free copy of this white paper, visit: http://go.euromonitor.com/white-paper-marketing-asean-consumer.html
About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.