March 23, 2023
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Economic Optimism is Driving Asia’s Consumers Back In Stores
Meet the Thrifty Indulgers, Sensory Adventurers and Present Hedonists of WGSN’s Asia Shopper Forecast 2023
WGSN’s annual flagship Asian study provides brands with insights into emerging consumer behaviours in the world's largest consumer market
Asia Shopper Forecast 2023 reveals what the future Asian consumers will look like, and throw light on their purchase behaviours and patterns
With a focus on the return of physical retail and the pursuit to retain a sense of desired lifestyles despite a global economic crisis, consumers are pursuing moments of indulgence while demanding more inclusivity and diversity – businesses will need to move fast to keep up with these ever-changing consumers
In 2023, APAC is set to achieve 3.5 per cent real growth while economies in the US and Europe fight to stave off recession
SINGAPORE – WGSN, the global authority on trend forecasting, has published its annual “Asia Shopper Forecast 2023” report highlighting the Asian consumer preferences and profiles that will impact consumer decision making in 2023 and beyond.
The forecast is meant to help brands, businesses, and marketers to strategize and create meaningful experiences catered to the consumers of tomorrow.
“As we enter 2023, the effects of a global economic crisis will manifest and always-rising consumer expectations will force businesses in the region to find new drivers of growth. Just as mobility in Asia-Pacific (APAC) returns to pre-pandemic levels, Asian shoppers will continue to prioritise travel and look to heading out In-Real-Life (IRL), while retailers will need to offer powerful counterpoints to digital fatigue. At the same time, the uptake of digital technologies that commenced during the pandemic, will continue to enable consumers to move seamlessly between online and offline channels. We will also begin to see a growing desire among Asian consumers to make the most out of the present by finding respite in a variety of experiences despite the global economic slowdown,” said Jess Tang, Senior Consultant of APAC, WGSN.
A region with a changing consumer behavior
In the Philippines where much of the pandemic restrictions are already lifted, major mall developers are reporting that consumer traffic has reached up to 95% of pre-COVID levels in the third quarter of 2022, according to a 2023 retail property market outlook report by real estate company Colliers Philippines.
The same report saw more foreign and local retailers opening physical stores in malls due to the rising consumer traffic and anticipated increase in purchasing power. Colliers expects the food and beverage segment to account for 50% of upcoming mall retailers while fashion, accessories, beauty, and health will account for 27%.
This shows that consumers in the Philippines and in the region are now coming back to physical stores with many craving IRL, sensory, and engaging experiences. Savvier decision makers will also emerge with more conscious buying decisions and mobile will be key to reaching consumers with convenience and speed.
The key Asia shopper behavioural trends to watch for 2023 and beyond are:
Sensory adventurers – IRL experiences are now a key motivator for APAC consumers to head out and shop. After increased time spent online, sensory adventurers are getting out and about in 2023, seeking in-person experiences that foster creativity, excitement and tactile moments.
Phygital (physical + digital) connectors – During the pandemic, retailers looked to shift online to connect with many first-time digital shoppers. Now as consumers are gradually venturing out, phygital connectors are still looking to the convenience of technology, and want the best of both online and offline shopping.
Thrifty indulgers – While APAC consumers feel uncertain and anxious about their future and the economy, thrifty indulgers will spend effort on hunting for products and services that create micro moments of indulgence and bring them joy on a limited budget.
Present hedonists – The shocks of Covid-19 and global political and economic uncertainty have given way to the emergence of ‘live for now’ values. This cohort of present hedonists is now prioritising their present wants to enjoy life to its fullest post-pandemic.
The conversationalists – Evolving from last year’s Social explorers, the social-driven conversationalists are now deepening their relationships with brands by forging hyper-personal connections and building conversations and trust via private messaging.
Inclusivity advocates – The social justice movement that gathered momentum in 2020 has had a meaningful impact on consumer values. Moving ahead, the inclusivity advocates will spend more based on their social values, supporting minority-owned brands and investing in underrepresented communities.
Mindful re-assessors – A growing cohort of younger shoppers in Asia are reassessing what post-pandemic living means and accepting there will be no return to ‘normal’. The pandemic has impacted their perspective on what is considered important in life, and mindful re-assessors are looking to change the way they live and work.
Developed using its proprietary methodology to identify the signals of change and evaluate, verify and forecast trends, WGSN works with over 440 industry experts globally to map influencers, disruptors and changemakers to deliver clear and specific action points. WGSN’s consumer sentiments are selected using WGSN’s unique STEPIC framework: examining changes in society, technology, the environment, politics, industry and creativity to identify the macro forces that will drive the emotional sentiments in the years to come.
A copy of the sample report can be found here: link
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ABOUT WGSN
WGSN is the global authority on consumer, lifestyle and product design trends, helping brands around the world create the right products at the right time for tomorrow’s consumer.
WGSN’s trusted forecasts power outstanding product design, enabling our customers to create a better future. Our services cover consumer insights, beauty, consumer tech, fashion, food and drink, and interiors forecasting, data analytics and expert advisory.
WGSN is an Ascential company. Visit wgsn.com
ABOUT ASCENTIAL
Ascential delivers specialist information, analytics and ecommerce optimisation platforms to the world’s leading consumer brands and their ecosystems.
Our world-class businesses improve performance and solve problems for our customers by delivering immediately actionable information combined with visionary longer-term thinking across Digital Commerce, Product Design and Marketing. We also serve customers across Retail & Financial Services.
With more than 2,000 employees across five continents, we combine local expertise with a global footprint for clients in over 120 countries. Ascential is listed on the London Stock Exchange.
Shinagawa links partnership with Fujifilm Philippines Inc. to advance preventive care in the Philippines
Shinagawa Diagnostic and Preventive Care Center is a subsidiary of Shinagawa LASIK & Aesthetics, the country’s leading Lasik provider
March 23, 2023, MANILA, Philippines – Early detection of diseases can aid in saving lives, giving patients more time to seek effective treatments that help lessen and possibly cure their symptoms. Shinagawa Diagnostic & Preventive Care Center takes this a step further and encourages preventive healthcare by offering more thorough and advanced examinations with the support of Fujifilm Philippines Inc.
(L-R) John Paul Camarillo, Deputy Division Manager of Medical Systems for Fujifilm Philippines Inc., Evan Reyes, Division Manager of Medical Systems for Fujifilm Philippines Inc., Masahiro Uehara, President of Fujifilm Philippines Inc., Masako Uemori, President of Shinagawa Philippines, Raymond Mendoza, MD, DPSP, Medical Director for Shinagawa Healthcare Solutions Corp., Christian Parra, MD, Family Medicine for Shinagawa Healthcare Solutions Corp., and Tahnee Sunga - Vice President of Marketing and Business Development for Shinagawa Philippines
Committed to upholding high standard medical services, Shinagawa announces its partnership with Fujifilm Philippines Inc, an expert in prevention and diagnostics technology, in a signing ceremony today at Shangri-La The Fort. Through the collaboration, Shinagawa’s Diagnostic & Preventive Care Center acquires Fujifilm’s endoscopy equipment to conduct advanced testing for the gastrointestinal (GI) tract, which includes the esophagus, stomach, and small intestine. This helps identify emerging diseases, such as stomach ulcers, gastrointestinal disorders, lung problems, and possibly tumors. The technology eases the detection process as it can spot even the smallest abnormality using endoscopes that place minimal stress on the patient.
“It is of utmost importance to conduct detailed examinations regularly to find diseases at an early stage, leading to preventive care. In particular, Fujifilm's endoscopy equipment enables early detection of diseases that could not be found in advance by general medical checkups in the Philippines, and we believe this will lead to preventive medicine,” said Masako Uemori, President of Shinagawa LASIK and Aesthetics, Philippines.
Fujifilm Philippines Inc guarantees the prime condition and maintenance of equipment to ensure that all examinations produce in-depth results for more accurate diagnosis. The diagnostics technology company will also be conducting a series of training sessions for Shinagawa doctors and staff to fully regulate the use of the machines, assuring safe and accurate examinations. Through the synergy of Shinagawa’s Japanese-standard medical services and Fujifilm’s innovative healthcare equipment, improved quality of life, diagnosis, and prevention are now made more accessible.
The Shinagawa Diagnostic & Preventive Care will have its grand opening this April. Those who are interested in the center may check out Shinagawa’s official Facebook page @ShinagawaDiagnostic or the official website at www.shinagawa-healthcare.ph to book an appointment. Shinagawa Diagnostic & Preventive Care Center is located at Ore Central Tower, BGC.
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ABOUT SHINAGAWA
Being the world leader in LASIK and Aesthetic medicine, Shinagawa takes on a new role this 2023 in diagnostic and preventive care. Shinagawa Diagnostic & Preventive Care is the first one-stop medical hub that offers Japanese-standard health services that provide a wide range of diagnostic tests and customizable screenings by globally competitive medical specialists in bringing convenient, efficient, and affordable preventive diagnostic centers. Through this, the company can pursue its commitment to providing “Health and Well-being for All” and heightening prevention awareness among Filipinos to realize that early detection is better than cure.
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