Kantar, Worldpanel Division Asia highlights growth opportunities for FMCG in Lunar New Year

2019-07-15 08:15 2262

TAIPEI, , July 15, 2019 /PRNewswire/ -- This year Kantar is proud to introduce the new look of their Consumer Insights Asia, a quarterly report conducted by Worldpanel Division that provides at-a-glance key FMCG performance indicators across the region and the spotlight of the quarter. Through this spotlight, Kantar reveals consumer insights, trends, and opportunities that arise within the region.

In the Quarter 1 2019 edition, the spotlight is on the Lunar New Year season and its contributions to business sales in Mainland China and Vietnam. These two Asian markets have several similarities from traditional culture to mindset to behaviours, one of which is the Lunar New Year celebration. Lunar New Year is celebrated in many Asian countries, but it is the most celebrated festival in Mainland China and Vietnam.

Key highlights from this issue:

Q1 2019 Asia FMCG overview:

  • FMCG in Asia saw an overall positive growth by 4.1% in Q1 2019, slightly slower compared to Q1 2018.
  • Mainland China continues to lead the growth for Northeast Asia at 5% while the Philippines leads the growth for Southeast Asia at a stellar 12%.

The Spotlight of the Quarter:

  • FMCG spending during the Lunar New Year season takes up 18% and 14% value sales of the full year performance in Mainland China and Vietnam respectively.
  • Gifting has strengthened its importance in Lunar New Year's overall performance; a significant proportion of total value sales during the festive period is gifting.
  • Modern trade channels such as hypermarkets and supermarkets are the preferred shopping places for Chinese and Vietnamese consumers during the Lunar New Year. E-commerce has also emerged as the fastest-growing channel for this occasion and is growing in importance in Mainland China.
  • Consumers have new aspirations in celebrating Lunar New Year. With the increase in disposable income, consumers are emphasising lesser on the preparation, focusing instead on pampering themselves and their family members during the festive time.
  • Four recommendations for brands and retailers to better capture the Lunar New Year spending spree. They include engagement, availability, gifting as sales promotions, and more focus on lower-tier areas.

Jason Yu, Managing Director, Greater China, Kantar's Worldpanel Division commented: "Lunar New Year remains critical despite its smaller contribution in the past years. The holiday is still a key barometer for Chinese private consumption as it is the time for family reunions and gift-giving. Brands will have to uncover opportunities in new categories, new channels, and new ways of consumer engagement in Lunar New Year to win consumers' wallets as their consumption patterns continue to evolve."

David Anjoubault, General Manager, Vietnam, Kantar's Worldpanel Division added: "This is also true in Vietnam market, brand owners – especially consumer packaged foods players, have to plan very well in advance and execute smartly to occupy the consumers' minds as well as their spending during Lunar New Year."

About Kantar

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Source: Kantar
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