As the Lunar New Year 2024 approaches, GrabAds, the advertising powerhouse of the renowned Southeast Asian superapp, has released a comprehensive report detailing consumer behaviors in Singapore, Malaysia, Vietnam, and Thailand. This festive season, known for its vibrancy and cultural significance, is seeing some intriguing trends across these nations.
Early Bird Trends: A Regional Overview
A striking aspect of the report is the early commencement of festive preparations. A considerable number of consumers in these regions start their shopping spree well before the Lunar New Year. For instance, in Singapore, a significant 69% of users are stocking up on food and beverage items two weeks in advance. This trend is mirrored in Malaysia, Vietnam, and Thailand, though with varying percentages, indicating a region-wide trend of proactive festive shopping.
Convenience in Demand: The On-Demand Service Boom
As the Lunar New Year hustle sets in, a clear preference for convenience surfaces. The report shows a substantial inclination towards on-demand services for fulfilling festive needs. In countries like Singapore and Malaysia, over 80% of users are turning to these services for food orders, with Thailand not far behind. This trend extends to grocery shopping, with Thailand leading the charge, showcasing the growing importance of immediacy in festive preparations.
Hybrid Shopping: The Best of Both Worlds
Interestingly, the report reveals a strong preference for a mix of online and offline shopping experiences across these countries. A notable portion of consumers in Singapore, Malaysia, Vietnam, and Thailand express their preference for this hybrid shopping model. This insight is particularly valuable for brands aiming to strike the right balance in their omnichannel strategies.
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Festive Favorites: Unique Trends in Each Market
Each country displays its unique festive shopping trends. From Yusheng in Singapore to Tet gifts in Vietnam, the diversity in preferences is striking. The report also notes an increase in the average order value of specific items like alcohol in the weeks leading up to the Lunar New Year, offering a glimpse into the festive mood of the region.
Seafood: A Festive Staple
The report also sheds light on the popularity of seafood, with prawns in Malaysia and salmon and prawns in Vietnam being particularly sought after. This trend is marked by a steady increase in average order values on GrabMart, indicating a ripe opportunity for targeted seafood promotions.
Demographics in Focus: CFOs and the Younger Generation
The ‘Chief Family Officers’ emerge as a key demographic in the report, known for their willingness to spend more on family needs. This group shows higher monthly spends and delivery frequencies in countries like Vietnam and Malaysia. Additionally, the spending patterns of Gen-Zs and Millennials vary across countries, highlighting the need for demographic-specific marketing strategies.
Strategic Takeaways for Brands
This comprehensive analysis by GrabAds is a treasure trove of insights for brands looking to capitalize on the Lunar New Year shopping season. Understanding these nuanced market-specific trends and consumer preferences is key to crafting advertising strategies that resonate with the target audience.
The Lunar New Year 2024 is poised to see a diverse array of consumer behaviors across Southeast Asia. Armed with these insights from GrabAds, brands can fine-tune their marketing efforts to effectively engage with consumers and make the most of the festive season.
