Highly Urbanized Lifestyles and Consumer Affluence Driving the Industry
Stemming from high urbanization and a slowdown in large retail store formats, the convenience provided by the format will increasingly drive the demand in industry, says RNCOS in its latest research report.
The convenience store industry in Asia has witnessed growth in recent years on account of rising demand for changing lifestyle and eating habits, ready-to-eat or ready-to-heat food products. With the rising disposable income, the consumers agreeably are paying premium price for high-quality food products. Further, active participation of international retailers such as 7-Eleven, Familymart, and Ministop, coupled with increasing demand of convenient shopping has led to rise in the number of convenience stores, thereby driving the Asian convenience store industry.
According to our latest research study, “Asian Convenience Store Market Outlook 2022”, the modern retail formats has been successful in creating craves for a specific age group of consumers between 18 and 34 that finds such format an ideal destination for food, both in quality and price. While growth in convenience stores continues to climb, expansion of international convenience stores is also surging due to socio-economic factors like changes in consumers’ lifestyles and increase in working woman populace around the Asian region.
The growth in the number of convenience store have been fueled by the desire for one stop shopping, and active participation by both domestic and foreign players in the continent. Further, the convenience store operators have also taken initiatives to incorporate continual improvements in their services to serve the requirements of the people with time. Among the latest trends that are expected to drive future growth of the Asian convenience store, the sector’s approach towards in-store promotion plays an important role.
Now-a-days convenience-stores turn to leverage existing demand windows of late nights and weekends, driving an incremental traffic to the stores. In order to boost its sale, the stores provide offers to be redeemed in-store events. Moreover, apart from developing a stronger connection with millennial consumers, such strategies help retailers capture new shoppers and build loyalty.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.