NIQ and Bain & Company Report
Southeast Asia: Still the growth story, or the story we tell ourselves?
New research reveals why one of the world’s most attractive consumer markets is becoming increasingly complex to navigate.
While Southeast Asia is expected to add more than 50 million consumers to its consuming class by 2030, brands are facing a new reality of cautious spending, greater competition, retail disruption, and rapidly evolving shopper behavior.
Discover how consumer goods companies can adapt their growth strategies to win in a market where opportunities remain significant, but harder to capture.
Over 50 Million New Consumers. A More Challenging Growth Environment.
Southeast Asia continues to be one of the world’s most dynamic consumer markets, with more than 50 million additional consumers expected to enter the consuming class by 2030.
Yet despite resilient economic growth, the FMCG sector faces mounting headwinds. Slower household spending, increasingly selective consumers, and disruption across retail and commerce channels are creating new challenges for brands seeking sustainable growth.
This joint NIQ and Bain & Company report explores the forces reshaping the region’s consumer landscape and the strategic actions businesses can take to stay ahead.
Access the second edition of our joint NIQ and Bain & Company report to explore:
- The future of consumer growth across Southeast Asia
- How consumer spending behavior is evolving
- Why local brands are gaining market share
- The impact of AI, social commerce, and changing paths to purchase
- Strategic actions for driving sustainable growth in a more complex marketplace
Key Highlights
Economic Growth Remains Strong, but Consumer Spending Is Under Pressure
Southeast Asia’s economic outlook remains positive, with strong GDP growth and an expanding consuming class. However, this has not translated into stronger FMCG performance.
Weak sales volumes, slower wage growth, and continued pressure on household budgets have resulted in more cautious spending across the region. As consumers become increasingly selective about where they spend, brands must work harder than ever to demonstrate value and relevance.
The Rise of the Selective Shopper
Today’s consumers are no longer simply trading up or trading down. They are doing both.
Across Southeast Asia, shoppers are willing to pay more for products that deliver meaningful benefits such as health, quality, safety, and performance, while actively seeking savings in categories they perceive as more functional. This growing polarization of consumer behavior is forcing brands to rethink pricing, innovation, and value propositions across their portfolios.
Local Brands Are Winning Share
Local and regional brands now account for more than half of FMCG market value across Southeast Asia, gaining ground through deep consumer understanding, localized innovation, accessible pricing, and digital-first engagement.
At the same time, retail channels continue to fragment as convenience stores, minimarkets, e-commerce, social commerce, and discounters compete for shopper attention and spending.
Success increasingly depends on reaching consumers in the right channels, with the right offer, at the right moment.
Discovery Is Moving Beyond the Shelf
The consumer journey is evolving rapidly. AI-powered recommendations, creator-led content, social commerce, and digital platforms are increasingly influencing how shoppers discover, evaluate, and purchase products. Approximately 80% of Southeast Asian consumers already use AI as part of their shopping journey. As discovery shifts beyond traditional retail environments, brands must rethink how they engage consumers across an increasingly fragmented ecosystem.
NIQ and Bain & Company Report
Turn Insight Into Growth
The rules of growth in Southeast Asia are changing.
Learn how leading brands are responding to shifting consumer expectations, intensifying competition, and emerging commerce channels in the latest joint NIQ and Bain & Company report.
About Bain & Company
Bain & Company works with leaders worldwide to solve their toughest challenges and deliver enduring results. Since 1973, Bain & Company partnered with clients, including private equity and portfolio companies, to build the capabilities they need to stay ahead of change and help them redefine their industries. Bain & Company measure success by clients’ success, and proudly hold the highest levels of client advocacy in the field.
