Study: Are you missing out on these vital target audiences in your marketing?

Businesses in APAC will be facing evolving customer behaviours in the future as the region's population and economy will have significant changes soon. According to a study conducted by Appnovation, the rise of the female economy and Gen Zs, as well as the spending power of the silver generation, will force brands to better meet their needs in the future.  According to the study, the female economy will continue to rise. For example, spending by women in China and India will overtake or closely follow spending by women in the US.

The report added that more women are now seeking higher education, and there are three times more women in universities than two decades ago. About 41 million more women will also have completed their post-secondary education, closing the gender education gap even further. As such, many APAC countries will be closing the education gap between genders by 2030. 

Although many women are decision-makers now, they continue to be overlooked and underserved in some industries such as financial services, insurance, and healthcare, said the study.

The study added that women save a larger portion of their income than men and they are price-conscious shoppers. They may spend more money on clothing, but they spend less in general. Women also tend to check product info and leverage social media for deals. They also seek lower-risk yet long-term investments. 

Apart from women, Gen Z will dominate the workforce and make up 40% of global consumers. Appnovation said they are a generation of digital natives who live online as much as offline. They are more environmentally and socially conscious and see consumption as a method of self-expression. They care about mental health more than the previous generations and are value-driven buyers. Gen Z is also more willing to share their personal information online.

As life expectancy is increasing around the world, Appnovation said the silver generation, who will be aged over 50 in 10 years, will not only have higher spending power, they will also lead the beginning of a massive cultural shift around aging.

This generation will make up only 32% of the population but will make up 52% of the total consumer expenditure.

This generation also wants to feel more capable and stronger, and they expect brands to deliver experiences that empower them and give them more independence. Moreover, they are willing to spend more on learning and getting more familiar with technology.

"Over the next 10 years, three key rising classes will drive different demands in the way consumers live, play, work, learn and consume that will ultimately impact the marketplace. It is imperative for brands to understand these consumers intimately,  and build the foundation for a digital roadmap now that will close the experience gap for the consumer of the future," said Chandni Motwani, strategy director, Asia Pacific at Appnovation.

To meet the needs of evolving customer behaviours, Appnovation said brands can create inclusive messaging and design, as shifting demographics along with social and economic values will lead to the shift in customer personas and segments. Brands can also identify the right digital channels and experiences to reach their audience. By understanding their adjusted journeys and connections, brands can create experiences that reach and serve their customers better.

Moreover, brands can leverage data to build personalisation strategies and need to be ethical. They can add purpose into their brand to build trust and loyalty among consumers.