Six in 10 Asian shoppers to spend more this holiday season

This is linked to the strong financial resilience in the market. 

Six in 10 shoppers in Asia expect that they will spend more this holiday season, driven by the strong financial resilience seen in the market, MiQ reported. 

In a survey, MiQ found that 58% of consumers in India, 50% in China, and 47% in Singapore who will spend more are well above the global increased spending rate of 46%. 

Despite this, brands can expect that Asian shoppers will likely buy fewer products and become more selective with 7 in 10 saying they have conducted product research.

“Brands need to understand that this year, their shoppers have different budgets, priorities, and shopping plans, so they need to adjust their campaigns accordingly,” MiQ APAC CEO Jason Scott said.

“Timelines are changing too – people are shopping earlier to try and overcome supply chain issues and cost-of-living pressures, and they’re doing more research, so campaigns need to start earlier and tap into that user demand for information.”

Read more: What APAC cross-border shoppers look for in a brand

MiQ predicted that whilst essential items remain top-of-mind with most 2022 customers (74% globally), shoppers in Asia are set to spend big on consumer electronics and entertainment purchases.