Navigating consumption trends
THEY frolicked among humans, seeking tender love and care.

In return, these four-legged “babies” help us gain a sense of responsibility, show us unconditional love and are always there when needed, giving humans a guaranteed sure-win for love and affection.

Multiple studies have found that pets, especially cats and dogs, can reduce stress, anxiety and depression, ease loneliness, encourage exercise and playfulness, and even improve one’s cardiovascular health.

It is no wonder that an increasing number of people are opting to have fur babies over children.

Mindshare Group Malaysia found that the nation’s pet care industry thrives, with over RM1.92bil revenue from 1.53 million pet-loving households.

This is expected to grow, and at a fast pace.

Noting that pet humanisation continues to become more prevalent, Mindshare Group Malaysia chief client officer Kristine Ong said that entrepreneurs in this industry stand to gain a lot if they market their products in the right way.

“Countless companies are offering complete ranges for pets in stylish, luxurious environments and lucrative prices.

“With this, pet exhibitions are expected to increase in popularity and frequency.

“Players in pet care are expected to actively participate in these events to boost brand visibility,” she noted in a presentation for Star Media Group (SMG) at Menara Star in Petaling Jaya, Selangor.

At the media agency’s 2022 Media Market Landscape presentation, Ong and Mindshare Group Malaysia strategy manager Moo Jean-Nie shared insights on the evolving Malaysian media diet, socioeconomic demographics as well as how it affected consumption behaviours.

Key takeaways

Despite the encouraging signs of economic recovery post-pandemic, consumers remain in a conservative mode, driven by immediate and short-term concerns due to the rising cost of living.

According to Ong, the Malay segment accounted for 67% of the Malaysian earning population.

Given its large base, the mean income is the lowest among all races, increasing only by a single-digit percentile in 2023 from 2022.

The mean income for the Chinese community increased by 26%, while that of the Indian community increased by 14% over the same period.

Another noteworthy finding was the decline in the number of high-paying jobs and the lackluster salaries of semi-skilled workers, which have driven the increase in the gig economy and the change in job attractiveness.

“There is a need to address the income disparity, especially among the middle-class, as it contributes to how people look at education through a different lens – education is no longer as important.

“As the media industry, we have a responsibility to ensure that we navigate the landscape the right way for Malaysia’s economic revival,” said Ong.

Price sensitivity among consumers has heightened, putting brands to the test.

Mindshare’s presentation showed that 33% of consumers opt for items on promotion, 16% are buying lesser quantities, 14% head to affordable shops, 11% purchase convenience format products and 7% only buy basic food products.

There was also a drop in the demand for luxury goods.

As most are aware, there has been a strong boycott movement towards international brands over the Gaza War.

Ong said that there were over nine million social conversations surrounding the boycott, leading to an opportunity created by the crisis where #sapotlokal was coined for homemade brands to stake a claim.

Moo said that there was also a surge in concern about online data privacy and advertisement access and that businesses should take note of how people consume digital content if they want to make it in the industry.

“Six hours is the average time an individual spent on mobile gaming sites.

The widespread availability, accessibility and convenience of smartphones have positioned mobile gaming at the forefront of the industry.

“The very essence of a smartphone is its portability, allowing gamers to play anywhere.

“There are vast opportunities here for us to tap into,” she said, adding that bite-sized videos from Tik Tok are all the rage now among the majority of Malaysians.

Moo added that it was important to understand the consumer dynamics in the country and how that is shifting and impacting the Malaysian media scene.

Also present were SMG chief executive officer Chan Seng Fatt and chief business officer Lydia Wang.
Mindshare Group Malaysia,Star Media Group,Media consumption,Media landscape,Consumption
THEY frolicked among humans, seeking tender love and care.