Photo by Adrian Agawin: https://www.pexels.com/photo/photo-of-shopping-mall-2767756/

ASEAN consumer activity to moderate in 2024: report

The region, however, will remain the fastest-expanding market globally.

Consumer activity in the Association of Southeast Asian Nation markets is expected to “lose steam” this year due to weakening confidence and the effects of tightening monetary policy.

In a statement, S&P Ratings said that despite this, the region will still be the “fastest–expanding consumer market in the world.”

“High underlying economic growth and supportive labour markets will prevent a sharp slowdown in consumer activity,” S&P Ratings said.

ALSO READ: Chinese consumers buy luxury items abroad due to pricing gaps

The report also noted that consumption in Vietnam will improve following a slow growth in 2023.

Thailand, meanwhile, is proposing a budget stimulus which will support consumption.

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

How cost-per-wear redefines fashion value
This metric evaluates an item's value based on its frequency of use, lifespan, and resale potential.
What tech innovations retailers are investing in
They are now increasingly adopting digital interfaces, simplified shopping, and data-driven retail.
Malaysia's e-commerce market to grow by 12.8% in 2024
Alternative payment methods accounted for 35.7% of e-commerce transactions in 2023.