Source: GlobalData
Quality remains top priority for parents in purchasing baby care products in APAC, says GlobalData
Posted in Consumer
Growth in the Asia-Pacific (APAC) region is projected to slow over the next few years, impacted by an ageing population, trade tensions, and greater policy uncertainty. However, parents’ focus on the quality of ingredients used in baby care and childcare products remains high despite concerns over their financial situation. Aligning with this, 37% of respondents stated that high quality products/ingredients mean good value for money to them when purchasing baby care and child care products*, says GlobalData, a leading data and analytics company.
Mohammed Masiuddin Shajie, Lead Consumer Analyst at GlobalData, comments: “Consumers in the APAC region remain concerned about their financial situation. In a GlobalData consumer survey*, 55% of respondents in APAC stated that they are either extremely or quite concerned about their personal financial situation. Moreover, in the same survey, 44% of the respondents said that they are switching to cheaper brand alternatives, and 35% stated that they are switching to cheaper stores/cheaper outlets to cope with rising prices in general.”
Deepak Nautiyal, Consumer and Retail Commercial Director, APAC and ME, notes: “Although APAC has remained a key driver of the global economy, growth in the region is forecast to dip marginally in the medium term, according to the World Economic Forum’s latest Executive Opinion Survey. A slowing economy and the impact of inflationary pressures will influence the growth across major economies in the region. Although consumers are cutting down on their household expenses, parents remain concerned about the quality of ingredients used in their baby care products.”
Shajie concludes: “Quality of product tops the priority list for parents while purchasing baby care products. However, products that are competitively priced will attract more consumers. This is substantiated by a GlobalData survey*, in which 19% of the respondents stated that they are switching to cheaper brands to save money, while purchasing baby care and childcare products. In the same survey, 14% said that they are switching to cheaper alternatives within the same brand. This is creating opportunities for affordable baby care products with high-quality ingredients. Brands meeting these expectations will earn the trust and loyalty of parents.”
*GlobalData 2024 Q3 Consumer Survey – Asia & Australasia, with 6,471 respondents