Asia Pacific

Food preparation appliances witnessed flat growth in 2023 due to slow demand as consumers diverted their share of wallet from durables and appliances to essential products. The cost-of-living crisis and inflation resulted in consumers pushing back…

Traditional buffet-style family restaurants faced significant losses during COVID-19, due to concerns about close contact with many people. In particular, chained Korean buffet brands such as Season’s Table, which were popular amongst…

In 2023, department stores benefited from a rebound in the number of tourists visiting Japan and the depreciation of the yen. Although it lagged somewhat behind other countries, Japan finally lifted COVID-19 regulations in 2023. As for the recovery…

On 8 May 2023, the Japanese government announced that it would reclassify COVID-19 as a class 5 infectious disease, which is the same classification as seasonal flu. As a result, decisions regarding infection control are now left to individuals and…

After a year of strong recovery in 2022, the growth of home laundry appliances marginally slowed in 2023, but demand remained robust due to factors such as increasing penetration, a greater need for convenience-driven appliances, access to financing…

Home products specialists saw growth in current value terms in 2023. Increases were seen across all channels, but as in the previous year, growth was driven mainly by homewares and home furnishing stores. The leading player in this channel, Nitori,…

Hypermarkets usually sell a wider range of products compared with other types of grocery retailers, such as supermarkets and convenience stores, but may not be as centrally positioned or as favoured for regular visits. Nevertheless, hypermarkets…

The category of large cooking appliances remained relatively small in 2023 due to cultural differences, wherein most local consumers rely heavily on freestanding appliances, such as freestanding hobs (included in small cooking appliances), as opposed…

In alignment with the trends observed in 2022, the majority of limited-service restaurants (LSRs) witnessed a surge in menu prices during 2023, which was attributed to the repercussions of escalating raw materials costs and labour expenses. In 2023,…

Microwaves in India continued to experience muted demand in 2023, as consumers restricted their expenditure during a period of economic uncertainty. There were several other factors, such as the return of domestic help, reopening of restaurants,…

While the growth rate for the category slowed marginally in 2023, retail volume sales remained robust due to factors such as rising awareness, new product innovation and launches, and greater mobility. A growing emphasis on hygiene, personal…

Following a year of healthy growth in 2022, the demand for refrigeration appliances slowed in 2023 due to inflationary pressures and unfavourable weather conditions. Sporadic rain during the summer months disrupted sales for cooling products such as…

After e-commerce showed double-digit current value growth during COVID-19 in 2020, growth slowed significantly in 2021, and remained at this lower level in 2022 and 2023, as with the reopening of physical stores post-pandemic, fewer people made the…

Retail maintained solid current value growth in Japan in 2023, with increases across both offline and e-commerce. In 2023, offline retail regained stronger momentum due to the return of mobility post-COVID-19. On 8 May 2023, the Japanese government…

In 2022 and 2023, independent self-service cafeterias demonstrated double-digit growth in retail value sales. The primary driver behind this success was the popularity of local Korean cuisine buffets, which provide a rich variety of options, and…

Following the reopening of schools and offices, many local consumers have been returning to pre-pandemic lifestyles and thus are more pressed for time. With expansion of the employed female population, households are looking for appliances that allow…

Traditionally, Japanese consumers have enjoyed shopping in areas called Shotengai, where many small shops, including small local grocers, are lined up along the streets. Customers visit different specialist shops to buy their vegetables, fish, and…

In 2023, tanghulu (sugar-coated fruits on a bamboo skewer) emerged as the most prominent snacking mega-trend in the entire food industry in South Korea. The popularity of tanghulu began with mukbang YouTubers who focused on ASMR content, creating…

In 2023, price rises were seen across various industries in Japan, impacting the cost of living. During COVID-19, consumers’ eating habits shifted more towards cooking and eating at home. Despite the country gradually returning to the pre-COVID-19…

While growth for vacuum cleaners increased during the pandemic due to the unavailability of domestic workers, demand for the category slowed considerably in 2023 due to inflationary pressures and the return of hired help. In India, there is a…

Vending machines have a significant presence in Japan, and have been part of the local culture for decades. Vending is a contactless, unmanned, compact, and convenient way of shopping. Although sales declined during the pandemic, a rebound was seen…

In 2022, due to the resurgence of COVID-19 and the implementation of lockdowns, offline businesses were severely impacted, leading to a significant reduction in traffic and a high-single-digit decline in retail value sales of cafés/bars. Nonetheless,…

The cannabis market has experienced significant turmoil due to uncertainties arising from the actions of the Thai Government. Subsequently, there was a noticeable decline in consumer confidence in legal cannabis consumption in 2023. While demand…

In the context of foodservice by location in 2023, there was a noticeable increase in the proportion of dining within retail, travel, leisure, and lodging locations compared with 2022. The primary reason for this shift was the impact of COVID-related…

In 2023, consumer foodservice in China saw a robust recovery in terms of value sales and transaction volumes, benefiting from the relatively low base of 2022, when consumer foodservice outlets were severely negatively impacted by prolonged periods of…

In 2023, full-service restaurants rebounded from the COVID-19 lockdowns experienced in 2022. However, there was a decline in the spend per transaction during the year, which can primarily be attributed to the overall economic downturn. The…

In 2023, limited-service restaurants in China saw a robust recovery in terms of both value sales and volume transactions, benefiting from the relatively low base of 2022, when consumer foodservice establishments were considerably impacted by…

In 2023, self-service restaurants experienced a revival of its growth rate, following the challenges posed by the COVID-19 lockdown the previous year. However, the average spend per transaction continued to decline, which was primarily linked to the…

Street stalls/kiosks benefited from the normalisation of consumers’ daily routine outside of the home in 2023, with chained tea street stalls leading the surge. While other formats of street stalls/kiosks, such as those offering braised snacks, fried…

Embedded finance is the critical factor to improve customer journey and drive transformation for services industries.. With travel recovery and sluggish volume sales of automotives, embedded finance is considered to have the most potential to build…

Cafés/bars saw another year of buoyant growth in current value terms in 2023, with independent outlets leading the way. This was consistent with the developing coffee drinking culture in the country, as consumers sought out visually appealing venues…

During 2023, cafés/bars recorded solid growth in terms of both current value and volume of transactions. This was driven to a large extent by an increase in consumer mobility, with locals being keen to make up for the time lost during the pandemic.…

The Indonesian tourism industry experienced a strong rebound in 2023, and this served to boost the number of transactions made in travel, lodging and leisure locations. According to official sources, more than 11 million international tourists…

Consumer foodservice through retail saw a strong performance in 2023, both in terms of current value growth and number of transactions. Sales were boosted by an increase in footfall in shopping malls and other retail establishments., as consumer…

Consumer foodservice in Indonesia saw another year of positive growth in 2023, although current value sales remained well below pre-pandemic levels. Demand slumped in 2020, as the Community Activities Restrictions Enforcement (PPKM) put in place to…

Despite persisting inflationary pressures, consumer foodservice in the Philippines recorded healthy growth in terms of current value and number of transactions in 2023, with the strong recovery of the economy being one of the main contributors to…

Full-service restaurants in Indonesia can generally be divided into two segments. The first refers to fine dining establishments with elaborately decorated interiors and higher-priced food menus, which cater to more affluent consumers. The other…

Full-service restaurants sustained positive growth in current value terms in 2023, albeit at a slower rate than the previous year. This was partially due to the normalisation of consumer behaviour, following the eat-in boom experienced in the…

Limited-service restaurants in Indonesia saw an impressive performance in 2023, with current value sales exceeding pre-pandemic levels. Growth was boosted by an increase in mobility, including the return of Indonesians to their physical offices, as…

Limited-service restaurants managed to sustain a strong performance in current value terms in 2023, although the rate of growth was slower than the previous year. This was a result of the normalisation of behaviour in the aftermath of the pandemic,…

Self-service cafeterias registered a stagnant performance in Indonesia in current value terms in 2023. With a high proportion of these outlets typically located in hypermarkets, the performance of the category is heavily dependent on this retail…

Street stalls/kiosks saw a second year of double-digit growth in current value terms in 2023. These small booths typically targeted low- to middle-income consumers, who remained highly price sensitive. With the return of on-site working and…

Street stalls/kiosks continued to experience buoyant growth in current value terms in 2023. Sales were boosted by an increase in foot traffic in shopping malls, where a high number of chained outlets are located. Standalone stalls also benefited from…

Asia Pacific’s population is set to expand in 2021-2040, driven by positive, yet declining, rates of natural change. The ageing trend is set to accelerate, impacting consumer trends, though the region will remain relatively young in terms of its…

Overall egg consumption in Thailand continued along its upward trajectory in 2023. Recognising the nutritional benefits of eggs, the government has been actively promoting egg consumption among the local population. The Ministry of Public Health has…

2023 saw unit prices in fish and seafood in Thailand rise substantially, thanks mainly to persistent price hikes in fuel and energy. As these costs kept climbing, they directly impacted fishing operations, processing, transportation and storage, and…

In 2023 fresh food consumption in Thailand saw an uptick, with several foods benefitting considerably from amplified focus on protein consumption as well as from broader health and wellness trends. Rising awareness of the importance of healthy habits…

As seen in other fresh food categories, fruits in Thailand has been subject to steep surges in unit prices in response to rising production costs and unpredictable fluctuations in weather conditions. The war in Ukraine has disrupted the supply chain…

As the pandemic and its impact on lifestyles continued to recede 2023, with local consumers resuming pre-coronavirus patterns and habits, meat consumption rose considerably, with beef benefitting from increased consumer spending on dining out and the…

The price of coconuts continued to fall in 2023, with domestic demand yet to recover to pre-pandemic levels. Coconuts, as well as foods and beverages with coconuts as an ingredient, are popular among both local consumers and tourists. With the…