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Opportunity in the Context of the Trade War
“Despite the vast volume of news on the trade war and its catastrophic impact on various industries, global consumer confidence and spending amongst Asian Americans, Asians and Americans remains reassuringly strong; presenting new growth opportunities for brands.”
The U.S.-China trade war continues to be the eye of the global political storm. For businesses, this means that they will continue to face challenges on rising supply chain costs and uncertainties on government regulations that could impact company business strategy and talent policy.
However, when it comes to how global consumers react to the trade war, this story has a silver lining.
According to IPSOS’s latest index in August 2019, global consumer confidence hit its highest level since 2018. Countries with the highest confidence scores are China, India, Saudi Arabia and the U.S. Asia and the U.S. are the leading forces in boosting the global economy, and consumer demand in these two regions are bringing new opportunities to brands.
In our report, we capture the latest trends, shifting mentalities and policy changes, along with the resulting marketing opportunities, in three key consumer groups:
- Asian Americans – the fastest-growing ethnic group in the country, are flexing their buying power with a propensity for shopping premium brands.
- Asians – Asia’s middle-class boom and consumption are unwavering, growing stronger by the day.
- Americans – American consumers, especially Millennials and Gen Z, welcome innovative brands and entertainment trends, including those from Asia.
To secure sustainable business growth in these consumer groups, it is critical for brands to monitor and project the impact of evolving political dynamics on its consumer base; proactively gauging potential opportunity shifts and strategizing agile business plans.
The world is changing at an unprecedented speed, mixed with uncertainties and excitement. Regardless of the result of the trade war, it remains crucial for brands to keep enhancing product experience and brand storytelling to meet increasing expectations from today’s consumers, no matter which continent they live in or which country they identify with.
Admerasia is here to help you and your brand.
For more information, please contact Jeff Lin, Co-founder of Admerasia, at firstname.lastname@example.org.
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