“Overall Asia is a market in flux, with radical changes and an influx of tech and global brands. It creates a society where consumers are being pulled in different directions”, said Bernd Schmitt. Not only are there distinctions between developed and emerging Asian countries, but he noted it’s also important not to generalize or stereotype Asian consumer and cultural trends.
Schmitt’s perspective is based on extensive experience living, working and traveling throughout Asia. He’s a visiting professor at Singapore’s Institute on Asian Consumer Insight (ACI) and professor at New York’s Columbia Business School. He recently spoke at an event in New York about his latest book, The Changing Face of the Asian Consumer. Joining him were panelists Colin Mitchell, Ogilvy & Mather’s worldwide head of planning, and Brian Buchwald, CEO/co-founder of Bomoda, a marketplace for Chinese consumers to purchase premium global brands.
The main takeaways focus on the interplay of economic, cultural, brand and market factors.