Consumers driven by gratification and experience, not just cost, say Asian brand leaders

Today’s consumers may be increasingly cost-conscious in the face of an uncertain global economy, job disruptions brought about by advancements in artificial intelligence (AI) and stubborn inflation.

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But they can be persuaded to spend if retailers use the right mix of AI, smart marketing and good consumer insights, said executives from Samsung, Gojek and Chagee in a panel discussion on consumer trends at the Asia Future Summit on Oct 9.

Ms Cheryl Cheong, integrated marketing lead for mobile experience and monitors at Samsung Electronics Singapore, said: “Discretionary spending is going down, with all the geopolitical and socioeconomic factors over these couple of years.”

But Samsung has worked to show its value to consumers, and positioned its products to appeal to both consumers’ wallets and their emotions, she said.

For instance, the South Korean electronics giant provides a long period of support for its mobile devices, both in terms of security updates and operating-system upgrades.

It also leverages advancements in Al to complement its digital appliances, such as its control tower for home appliances that can help save energy and money.