Additionally, the Group is active in finance, information technology, welding technology, natural resources, and property development. It is also a major exporter of tissue paper, welding electrodes, electronic smart cards and industrial raw materials such as clay and feldspar. All of these are grounded on the principles of long-term mutual benefit and sustainable business practices.
Choose your location to get a site experience tailored for you. Confirm Remember my region and language settings Search Bangladesh: All of Dhaka, the capital of Bangladesh, seems to throb with bustling masses of people. Bridges, expressway overpasses, and major new neighborhoods are continually under construction.
To much of the outside world, Bangladesh remains synonymous with poverty. It is time to take a new look at this land of million: Although the number of middle-class and affluent consumers in Bangladesh remains small compared with those of other big emerging markets in Asia, Bangladesh is one of the fastest-growing markets worldwide.
That means that they will be earning enough to afford goods that offer convenience and luxury, such as air conditioners, imported shampoos, and cosmetics.
And although half of Bangladeshis still live at the so-called bottom of the pyramid, economists estimate that another 30 million to 40 million will make the leap from poverty to the entry rungs of the middle class by We asked consumers about their sense of financial well-being, their purchasing habits, and their consumption priorities for some 70 product categories.
To help companies anticipate when consumption is likely to take off in these categories, we also analyzed changes in Bangladeshi household consumption of specific goods and services relative to rising incomes. The following are among our key findings: Consumer wealth is also dispersing regionally: Consumers intend to spend but are wary of debt.
Sixty percent of consumers report that they expect their incomes to rise over the next 12 months, and 69 percent say that there are more things they want to buy.
Alleviating this concern could unlock great growth opportunities.
Consumers are highly loyal to brands, but they are also budget and quality conscious. Most Bangladeshi consumers—more than 80 percent in the case of durables—cite brand as a top factor that influences their buying decisions. These consumers work within a budget, and price is often cited as a second priority over quality.
Far fewer Bangladeshis than consumers in Southeast Asian emerging markets say that price discounts sway their decisions.
Consumers increasingly use the mobile Internet. Forty-one percent of Bangladeshi consumers surveyed—and 68 percent of MAC consumers—own Internet-enabled smartphones.
Currently, most transactions are in cash, but the popularity of smartphones suggests that more consumers will be making the leap to mobile payment, creating an opportunity for reaching households through wireless mobile services. Eighty-one percent of consumers said that they trust what they read online, and 66 percent search for product information online.
Although these findings suggest that tremendous growth opportunities will unfold over the coming decade, companies must approach this market with a sophisticated understanding of the Bangladeshi consumer.
They should also address the constraints that prevent consumers from acting on their strong desire to purchase brands and should introduce products that meet household budgets.
Companies can expand their reach through different retail channels and in more locations. For the next few years, companies should focus on ramping up their operations to meet growing demand from MAC households in Dhaka, Chittagong, and a handful of other cities.
But at the same time, they should begin laying the groundwork for a broader expansion as the MAC population continues to grow and as buying power spreads swiftly throughout the country.
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