The Myanmar Consumer Survey
10 myths about consumer business in the golden land
Myanmar continues its speedy progress and transformation on the back of new policies and technological advances. Despite the upward trend, it is a fair assessment that the country has yet to realise its full growth potential due to a number of well-known constraints – high inflation rate, currency depreciation, prolonged peace negotiation and trade deficit.
It is undeniable that the country still possesses its charm as the next investment destination. Consumers expressed their healthy optimism over the country’s outlook, as we will discover later in this publication. Growing demand from rural consumers who have become more sophisticated will also unlock new opportunities for consumer businesses.
In this third edition of the consumer survey conducted in the three cities of Yangon, Mandalay and Mawlamyine earlier this year, we observed that with rising income and abundance of choices, more consumers are attracted and ready to try new products and services from other brands with better quality options.
In the later part of the report, we further explore the brand preferences and health consciousness of the Myanmar consumers. It is noteworthy that when it comes to product information, most consumers’ concerns still lie on expiry date with little emphasis on the nutrition facts. On the buying channels, word of mouth recommendation remains the most important channel in the close-knit society of Myanmar. Digital marketing is yet to make a significant dent on traditional channels while digital payment is considerably on the rise.
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