Future of Consumption &
Your Lifestyle
Most would agree that the way they shop and consume content has changed. For example, Singapore saw an increase of 500,000 new digital consumers from the start of the pandemic to the first half of this year, according to the e-Conomy SEA 2021 report by Google, Temasek and Bain & Company. Of these new consumers, 99 per cent said they intend to continue using the services post-pandemic.
As more young and tech-savvy consumers come of age, and those living in emerging markets grow their spending power, consumption patterns will naturally change.
New consumers who started using digital services like food delivery and e-commerce in 2020 continued doing so in 2021, reports Google, Temasek and Bain & Company
Number of consumers in Singapore who began using digital services since the start of the pandemic in March 2020, according to the same report by Google, Temasek and Bain & Company
Generation Z (born 1996–2012) and Millennials (born 1980–1995) will represent half of Asia-Pacific’s total number of consumers by 2025, estimates management consulting firm McKinsey & Company
Digital services, including e-commerce and online food delivery platforms, have proven to be indispensable — even more so during the pandemic. They enable access to everyday necessities from the safety of our homes; provide a source of revenue for businesses and income opportunities for workers; and even entertain us, in the case of music and video streaming platforms.
Temasek’s consumer-facing investments are driven by such demographic shifts, and include e-commerce and other digital services companies, such as Indonesian tech giant GoTo Group, the parent company of ride-hailing operator GoJek, and Singapore-based Sea Limited, which owns online shopping platform, Shopee.
How it helps
500,000
