Asians still optimistic, Eye on Asia finds

• Asians still an optimistic lot
• Study identifies five Asian Brand tribes
• In-store experience emerges as a key factor
  

Regional - Asians remain optimistic despite growing uncertainties with more than three-fourths of the respondents believing the worst of the financial crisis is over, Grey's annual Eye on Asia study has revealed.

Closer to home, the study found that Singaporean consumers are individualistic believers when it comes choosing brands, a behaviour which translates into more and more consumers searching online for brands before doing the actual purchase.

This is one of the five distinct consumer behaviours or the 'Asian Brand tribes', across the region which the study concluded. Accordingly, consumers in Malaysia, Philippines, Sri Lanka and Taiwan are ‘perceived value-seekers' who seek emotional connect beyond functionality, along with reliability.

An interesting segment is the ‘New Brand Enjoyers', which is particular of consumers in developing economies like India, China and Vietnam, where they like new brands they can indulge in and which offers them uniqueness.  Further, the study found that a parsimonious shopping behaviour has emerged as a result of the recession where nearly 75% of the consumers surveyed are making purchase decisions in-store.

Referred to as the ‘moment of truth', consumers across the region look for shopping to be more simplified and enjoyable.

"The in-store experience is key in driving brand choice and in these tough times the Eye On Asia Brand Tribes give us some clues on how brands can customise their in-store experience to win at the first moment of truth," Charu Aggarwal Harish, regional planning director Asia Pacific for Grey Group, said.

"The cultural diversity, the rapidly changing growth patterns and geographical complexity make Asia a region that cannot be averaged. Brands in Asia need to look at marketing as a cultural science that transcends geopolitical boundaries and delivers messages based on mindsets."

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