With Lunar New Year just around the corner and many households gearing up for one of Southeast Asia's biggest festivals, brands need to target millennials, who spend the most money during this season.
In fact, the average Grab order value for Singaporean millennials is 6% higher than Gen Z users and 11% higher than the average order value for users aged 35 and above.
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These are the results of the Lunar New Year report conducted by the advertising arm of Southeast Asia super app Grab GrabAds, which aims to provide insights for brands to effectively connect with festive crowds during the season.
The report also revealed that brands need to target consumers two weeks before Lunar New Year, as many households start stocking up two weeks before the Lunar New Year period. Specifically, 69% of Singaporeans and 63% of Malaysians stock up on food and drinks two weeks in advance.
Brands should be mindful of the key demographics in each market that they need to cater to to meet Lunar New Year shopping needs. In Vietnam, Gen Z is the main consumer, spending 14% more than Millennials and 11% more than users. Over 35 years old.
Targeting Chief Family Officers
It is no surprise that consumers usually dig deep into their pockets during the festive season. Marketers can take advantage of family needs motivating spending during Chinese New Year.
With the millennial demographic, this means marketers need to reach the people who shop on behalf of their families, known as chief family officers, this Christmas season.
In fact, 94% of Malaysian respondents are willing to spend more on the best products for their family and home. This equates to twice the monthly spend and 1.8 times the delivery frequency compared to the average Grab user.
Similarly, in Singapore, 89% of respondents said they were willing to spend more to get the best for their family. Singaporeans are also likely to spend 1.4 times more than the average Grab user per month and 1.3 times more on delivery frequency.
But when it comes to to-do lists this season, around 80% of respondents are looking for convenience and would consider using on-demand services like Grab or Deliveroo to order food during the festive season. thinking about.
When it comes to purchasing groceries, 64% of Malaysians and 69% of Singaporeans buy through on-demand services. The report also reveals that, given the choice, 70% of users prefer to shop both online and offline, giving brands the ability to effectively reach their target users. emphasizes the importance of an omnichannel strategy.
What are people buying?
Interestingly, Grab data shows that users prefer healthier dishes in the two weeks leading up to Chinese New Year. To take advantage of this trend, brands that offer healthier cuisine should prepare and sell festive sets and bundles.
On the other hand, consumers also tend to splurge on top food and beverage keywords such as cake, beer, durian, and oil draft ahead of the New Year. In fact, his average alcohol value in the two weeks before Lunar New Year increased by 5% compared to the period before that.
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