Home to over four billion people, the Asia-Pacific (APAC) region boasts one of the most powerful consumer markets on the planet. In the luxury retail market alone, Chinese consumers account for nearly 35 per cent of global sales. This number is expected to rise to 45 per cent by the year 2025.
In particular, online retail sales in APAC countries are expected to rise steadily over the coming years due to the convergence of a few key factors:
- More than half of the world’s Internet users reside in Asia Pacific;
- Half of the global population under the age of 30 lives in Asia Pacific; and
- Mobile use in these countries accounts for most purchases — in China, for example, 73 per cent of digital purchases occurred on mobile in 2017.
These combined with an estimated 8.5 per cent CAGR over the next three years underscores the significant size and scope this consumer market represents.
The opportunity can be yours
What we can infer from statistics like these is that the buying power of consumers residing in the APAC region will only grow. It behooves companies looking to stay competitive in the coming years to turn their attention towards this burgeoning customer base.
Join brands such as Lululemon, Ford-Lincoln and others that have successfully expanded into the Asian market.