The 2025 Consumer Outlook Webinar: How Southeast Asia’s shifting spending reveals three economies

From Inflation to Inspiration: What Southeast Asia’s Shifting Wallets Tell Us About 2025

‍

At 11:11 AM (SGT) on November 11, hundreds of curious minds from across Southeast Asia tuned in for The Milieu Xchange — The Consumer Outlook in SEA 2025.

What began as just another Thursday morning quickly became an hour of deep reflection — where data met dialogue, and emotion met insight.

Thank you to everyone who joined us.

In just one hour, the session was filled with energy, clarity, and human stories — led by Nigel Lim, Milieu’s Head of Research, who decoded how confidence, emotion, and spending are transforming across Southeast Asia.

‍

‍

We were also joined by three remarkable industry leaders — Pawee Sriwareerat (PepsiCo), Kaylie Wong (Time dotCom), and Aletheia Y.P. Green (CelcomDigi) — who shared what these shifts mean for their categories and consumers.

Over 315 attendees across 15 countries tuned in — and almost none left early — proving that conversations about data, emotion, and the future of spending can resonate far beyond the screen.

‍

Why this year’s Consumer Outlook matters

This year’s Consumer Outlook explored more than what people buy — it uncovered why they decide.

Through fresh regional data, the study connected real shifts in social sentiment with changing spending habits, painting a nuanced picture of how Southeast Asians are balancing inflation, optimism, and emotional resilience.

“In Southeast Asia, mood and money now move together. When optimism rises, spending follows — even if the economy says otherwise,” said Nigel Lim, Head of Research at Milieu.

He explained how real-time consumer sentiment now moves faster than traditional research cycles, making credible, rapid signals critical for brands that want to course-correct in weeks, not quarters.

‍

Reading the Region: One Market, Three Realities

Nigel presented insights from Milieu’s latest consumer study conducted across six Southeast Asian markets, revealing three distinct economies coexisting in one region:

‍

1. The Stressed Digital (PH, ID, VN) — spending to cope with stress and daily cost pressure.
2. The Strategic Comfort (SG, MY) — spending smart, optimizing value, and waiting for deals.
3. The Transition Economy (TH) — cautious but hopeful, balancing fear and faith in recovery.

‍

Each reflects a different way of coping with inflation, digital acceleration, and changing definitions of value.

“SEA isn’t one economy — it’s three realities that buy differently.” — Nigel Lim, Head of Research, Milieu Insight

‍

‍

Panel Highlights: Beyond Data, Into Human Stories

Moderator: Engku Adila, Head of Project & PR at Milieu, framed the discussion: “We often treat SEA as one market, but the truth is, consumer moods don’t move in one rhythm.”

‍

Pawee Sriwareerat (PepsiCo) unpacked how promotion-driven habits have evolved.

“Deals used to belong to the lower-income segment,” she said, “but today, everyone’s a deal-seeker — from necessity to culture.”

His takeaway: “Communicate value clearly. The price isn’t the story — the payoff is.”

‍

Kaylie Wong (Time dotCom) spotlighted Malaysia’s emotional stability versus Thailand’s discount dependency, adding,

“When stress rises, people don’t stop shopping — they just shop smarter.”

‍

Aletheia Y.P. Green (CelcomDigi) explained how social commerce and peer-driven trust now define digital journeys.

“Trust in SEA is horizontal,” she shared. “It’s built through friends, communities, and shared proof, not just brands.”

Together, their dialogue revealed a region that’s cautious but hopeful, pragmatic yet deeply emotional.

‍

What We Heard in the Q&A

• Luxury vs. Mass: Premium shoppers buy for service and consistency; mass shoppers buy for clarity and proof.
• Trust Signals: Reviews, peer validation, and transparency now outweigh ad messaging.
• Digital Payments: Wallets define daily life; credit cards remain tools of optimization in richer economies.
• Thailand’s balancing act: Brands that pair “hope-led” tone with real price value are winning emotional loyalty.

“Deals are now oxygen — but value is why people stay." — Pawee Sriwareerat, PepsiCo

‍

The Business Playbook: What to Do Next

‍

Segment by economy, not geography.
Target “Stressed Digital,” “Strategic Comfort,” or “Transition” mindsets instead of countries.

Lead with visible value.
Pair promotions with proof — show the why behind the price.

Design digital-first journeys that earn trust.
Embed ratings, guarantees, and transparency into every channel.‍

Balance the now and next.
Promotions drive conversion, but consistent quality drives retention.

Listen to emotions.
Track mood shifts alongside spending to time campaigns when optimism peaks.
‍

The SEA divide — but not divided

Despite economic differences, the region moves as one emotional rhythm.

When spending rises in one cluster, hope rises in another — together forming what Nigel calls “a shared optimism that outpaces the macro numbers.”

“The SEA economy divide is real — but our shared hopes unite us.”

‍

‍

About the Study

Milieu conducted the Consumer Outlook 2025 Study in October 2025, surveying 3,054 consumers across Singapore, Malaysia, Thailand, the Philippines, Indonesia, and Vietnam, representative by age and gender (online population). The study tracked:

• Spending vs. three months ago
• Grocery and household budgets
• Payment and digital wallet behavior
• Discount sensitivity and purchase triggers
• Confidence and future optimism levels

‍

A heartfelt thank you

This milestone event was possible because of the people behind Milieu.

• Nigel Lim (Head of Research) — for transforming data into stories that reveal how Southeast Asia feels, spends, and evolves.
• Engku Adila (Head of Project, PR, and Moderator) — for orchestrating every detail and leading the discussion that turned insights into action.
• Tang Kritsana (Head of Digital & CRM) — for shaping the story and bringing every insight to life across all digital touchpoints.
• Peem Natthawat (Marketing Assistant Manager) — for ensuring every attendee arrived, engaged, and enjoyed a seamless experience.
• Juda Kanaprach (Chief Marketing Officer) — our most beloved guiding heart behind the project, whose leadership made this all possible.
• Daniel Batiste (Lead Brand Designer) — for bringing every frame to life, ensuring every detail looked and felt as inspiring as the insights themselves.
• And to all Milieu folks, for your tireless collaboration and belief in what meaningful data can become.

‍

Closing Note

Before we build strategies, we study people — because sometimes, a single insight, backed by the right data and the right team, can change everything.

This is just the beginning.

Stay tuned — more insights, more conversations, and more voices from across Southeast Asia are coming soon.