2024
CONSUMER INDUSTRY TALENT
ACQUISITION TRENDS REPORT
- Asia Edition
Highlighting three key consumer trends expected to shape 2024 in Asia, their influence on regional talent development, and strategic recommendations for leaders to effectively adapt and thrive.
Introduction
Consumer companies operating in Asia’s highly divergent landscape face increasing complexity as geopolitical and geoeconomic dynamics ripple through the region. Macro trends such as inflationary pressure, corporate restructurings and supply chain volatility will continue to keep things interesting in 2024, providing both chaos and opportunities. For companies seeking to take advantage of growth opportunities in Asia, attracting, retaining and enabling the best local talent will remain a priority for the year ahead.
Whilst premiumisation was a strong margin driver for consumer goods and the luxury sector, razor precision in digital marketing efforts and a connected physical brand experience will be a key strategic and tactical focus for retailers as consumers change buying patterns. We anticipate that “productivity” and “conversion” will continue to be top of mind at executive board meetings in 2024. Post-pandemic investments in the revitalisation of bricks and mortar proved mostly effective in coaxing employees and consumers alike to return to the workplace and shopping malls. However, return on these investments faces headwinds as the effects of inflationary pressure on real wages and global corporate restructuring exercises are experienced across Asia.
At the production end of the value chain, supply chains are becoming more volatile and increasingly vulnerable, making digitisation and operational efficiency a continued priority for consumer goods companies. As 2024 begins, we have front row seats to the dawn of generative AI and observe it progressively weaving its course across the value chain of consumer-facing companies. We anticipate that the democratisation and accelerated availability of data will create both advantages and pitfalls for leaders in Asia.
This paper presents an overview of three consumer trends that we anticipate will continue their trajectory in 2024. We discuss our observations on their impact on talent trends in Asia as well as providing our recommendation on how leaders driving growth in the region can respond.