Many consumer industry marketers across three markets in Southeast Asia – Singapore, Malaysia and Thailand – say the end-of-year Christmas shopping period is going to be make or break for their businesses after a tough 2021, according to a survey by Sitecore.
Why it matters
Amid rising concerns over inflation and COVID-19 – factors that could impinge on consumer spending – most marketers expect digital brands will win the holiday season and are planning to offer in-person and online experiences, including virtual giveaways, wish lists and special festive experiences.
Pandemic-related fiscal challenges have resulted in a fall in revenue this year for the majority of consumer marketers.
The report found that 69% of marketers are reporting a decline in sales so far this year.
40% say festive season sales represents the bulk of annual sales, especially for businesses with less than 500 employees.
96% of marketers are concerned about the impact of inflation on the Christmas shopping season.
97% are concerned that changing local health conditions could result in the need for fast marketing pivots.
Despite the uncertainty, marketers feel better prepared than last year to deal with product availability, balancing online and offline demand, and their customer profiling programs.
“We are seeing many consumer marketers increasingly relying on digital initiatives to capture the needed increase in sales this Christmas shopping season. Retailers and other consumer companies will need to be nimble and act swiftly in the face of a volatile economic landscape” – Steve Hawkes, COO, Sitecore Asia-Pacific and Japan, Sitecore.
Sitecore conducted a survey with Advanis among 404 Southeast Asia marketers and 1,054 consumers from July 5-20, 2021 in the following sectors: retail and consumer packaged goods, manufacturing, media and entertainment, and technology B2B and B2C.