APAC consumers navigate cost of living crisis with value-hacking

Businesses are encouraged to adopt new strategies that offer smarter buying choices.

Asia Pacific consumers are employing strategic approaches to maximise their budgets whilst occasionally indulging in splurges in response to the ongoing cost of living crisis.

The WGSN's "Asia Shopper Priorities 2024" report recommended several strategies for businesses to align with the mindset of value-hacking consumers and position themselves as allies during these economically challenging times.

Amongst the strategies include emphasising smart swaps to outsmart corporations and employing strategic language like "cheat sheets" and "savvy shopping guides.’" 

It also suggested facilitating transparent pricing and dynamic pricing to provide deeper bargains, mitigating "sticker shock" and financial stress. 

Additionally, the report suggested offering membership-based discounts and partnering with discount-seeking communities to provide educational content.

ALSO READ: Why APAC consumers make impulse purchases

Several businesses have already begun implementing these strategies such as Muji's Muji 500 concept store offering essentials under $3.50, Lawson's partnership with Rom&nd for budget-friendly beauty products, Little Birdie's AI-driven price comparison tool, and Coca-Cola Japan's dynamic pricing trials for vending machines.

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