What lies ahead in 2023: Top 5 expectations in Southeast Asia
Everyone loves to play The Oracle, especially in these times of uncertainty and unpredictability. So, what do over 9,000 Southeast Asians across Singapore, Malaysia, Indonesia, Philippines, Thailand, and Vietnam feel about what’s coming in 2023? Blackbox teamed up with ADNA to find out.
Better, More Advanced COVID Vaccines
Just when the world feels that the pandemic is getting over, another variant makes an unwelcome debut. It is clear then that as expected, this is a virus human beings will simply have to live with, and the only thing in our control is a stronger response. In our poll, the development and availability of more robust vaccines is likely to be the top story of 2023, with 26% voting in its favour. At 32%, Singaporeans believe in this the most.
Russia to Concede Defeat in Ukraine
The Russia-Ukraine War began with extreme war rhetoric of Russian dominance and an easy victory for the aggressor, but the recent ground reality shows a different picture, although the claims are still unverified. While many experts believe that this conflict is likely to continue for several months, a quarter of the respondents in our poll (25%) feel that Russia will concede defeat to Ukraine in 2023 itself. Will it, or would there be a different result altogether? Time will tell. Interestingly, Malaysians see the likelihood of this happening the most (34%) and Vietnamese the least (18%)
Global Economy Will Bounce back
A pronounced slowdown is certainly here, but it is yet to be officially acknowledged. Economists, however, maintain that a recession is inevitable. Owing to factors ranging from the cost-of-living crisis, tightening financial conditions in most regions, the Russia-Ukraine conflict, and the persisting COVID-19 pandemic. On the other hand, Southeast Asians remain optimistic that the global economy will be back on track and at 19%, this hope occupies third spot in our list of top news stories for 2023. Indonesians seem to have the most confidence in this at 27%.
Less Hybrid, More In-office Work
What began as a necessity has now moved into the ‘preference’ space, but the work-from-home debate continues to divide employers and employees, with strong opinions on both sides. Productivity is usually cited as the main reason by those in favour of in-office work and with tech companies on a firing spree of sorts, choice may take a backseat as employees may be asked to comply or leave. In our survey, 16% of Southeast Asians, too, feel that hybrid work is on the decline. Thais are the most confident of this happening at 21%.
More Durable and Sustainable Consumer Products
On the consumer front, Southeast Asians (9%) expect to see a trend towards more durable and sustainable products, again signalling that consumerism is due for a reset. Singaporeans, at 12%, see this as most likely to happen compared to other regions. Already, we are seeing in the US and Europe, a rise in calls for ‘Right to Repair’ laws allowing consumers to fix their own products, free of liability or the negation of warranty. The European Union ordering Apple to make USB-C mandatory in their iPhones (the company currently uses a proprietary lightning port) by end-2024 proved to be landmark decision as well and a big step towards both sustainability (lesser e-waste) and convenience for consumers as well.
Keen to understand how your organisation can collaborate with Blackbox to achieve business goals? Get in touch at connect@blackbox.com.sg.