Mass affluent consumers in South East Asia
In this study, we reveal how examining consumers' values can help us identify different sub-segments of the "Mass Affluent" consumer segment in three important markets in Southeast Asia: Indonesia, Malaysia and Singapore. Using the RB Profiler, we explain which values drive the purchasing behavior of the different customer groups and provide insights into what sort of people they are made up of. Companies can use these insights to focus their strategies better on capturing parts of Southeast Asia's Mass Affluent market.
Our analysis of Indonesia, Malaysia and Singapore using the RB Profiler shows that, despite the diversity of languages, ethnic backgrounds, religions and cultures, there are four key segments of Mass Affluent consumers that cut right across the region. Four further segments are only found in one or two of the surveyed countries, including just two that occur in individual countries only.
What does this mean for companies? Domestic, regional and international firms working in Southeast Asia need to deploy a mix of standardized and tailored market approaches to address the values – some shared, some specific to certain countries – of the various consumer segments within the Mass Affluent group. In some cases, regardless of the industry, they can use cross-border market strategies to reach the segment with the most potential; in others, they require more tailored approaches to reach individual segments.
Using the results of our analysis, companies can thus adapt their market approach to appeal specifically to relevant segments of Mass Affluent consumers. By deploying more sophisticated strategies, companies can target Mass Affluents across Southeast Asia more effectively than in the past.