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Cross-border Business to Southeast Asia: Part I
Why Southeast Asia and Why Now?
Southeast Asia is home to a diverse range of customs, economics, and people, but its rich legacy shares a common thread.
Southeast Asia’s emphasis on community has had a huge impact on customers’ purchasing habits and the role of online platforms in forming relationships between buyers and brands. This points to a bright future for cross-border corporate growth and innovation.
👥Large Population Size
As of 2020, the number of Southeast Asians aged 15 and above is 442 million. Almost 70% of them are also digital consumers who have purchased a product online in the past 12 months.[1]
💰An Increasing Disposable Income
Middle-class communities in Indonesia, Malaysia, the Philippines, Thailand and Vietnam are estimated to number some 350 million by 2022, and hold a collective US$300 billion in spending power.[2]
🤳A Strong Digital Culture
Southeast Asians are highly Internet- reliant, and better-connected with the rest of the world than ever before. 82% of the population already own smartphones, with this figure likely to increase to 105% by 2022.[3]
