2017 ACI Asia Business Series – June Roundtable
Bridging the Millennial Gap with Asian Consumer Insight
More than 60 delegates comprising business leaders, senior management, and academic representatives attended the 2017 ACI Asian Business Series June Roundtable, which was held at The InterContinental Hotel Singapore on 19 June 2017.
The session is part of the 2017 ACI Asia Business Series, which aims to help businesses navigate through turbulent market conditions with pertinent insights produced and derived from ACI’s focused research studies on Asian consumers.
Taking on the theme “Bridging the Millennial Gap with Asian Consumer Insight”, the Roundtable session aims to help companies better position themselves to capitalise on opportunities in the millennial consumer market, through a panel discussion on studies on the millennial consumers.
The Roundtable panel comprised of thought leaders from both academic and consumer-facing industries, and they are Xun (Irene) Huang, ACI Fellow and Assistant Professor of Marketing and International Business at Nanyang Business School, NTU Singapore; Tio Wee Leng, ACI Fellow and Assistant Director (Capability and Industry) and Programme Chair (Diploma in Consumer Behaviour and Research) at the School of Management and Communication, Republic Polytechnic, as well as Mr Steven Han, Manager of Global Insights at The LEGO Group.
In the session, the panellists pointed out the differences in habits and consumption between the older generations and the Millennials, such as the difference in media consumption. The former are inclined to rely on traditional broadcast and print media, whereas the Millennials obtain their information from social media, where the ease of access of technological devices allow the flow of information freely, enabling them to make comparisons and to obtain reviews.
It was also pointed out that the independent business model, which emphasises on sustainability and fair sourcing, is gaining traction among the Millennials. They also want exclusivity and they desire to be owners of a unique identity.
Lewis Lim, Deputy Director of ACI said: “Young consumers these days exert a great deal of opinion leadership, and whatever they buy and say can often shape the consumption habits of even the older consumers. Companies cannot afford to neglect the trend-setting power, if not the purchasing power, of the millennial consumers.”
To sum it up, businesses targeting the Millennials should take note of their demands for authenticity, exclusive identity, as well as their tech-savviness, said Professor Bernd Schmitt.
The next Roundtable “Tapping on Consumer Insight to Design for the Future” will be held on 1 Aug 2017, while the Summit “Managing Business Turbulence through Asian Consumer Insight” will be held on 9 Oct 2017.