Innovating now for future consumers

HARNESSING future trends early on is vital for any business to get the first-mover advantage and to stay ahead of the game.

To predict future trends, one has to be on top of current trends in the industry, says Tiah Joo Kim, CEO of TA Global Bhd (Malaysia).

“If you’re always in the market and on top of things, you will be the first or early adopter of things that will eventually become trends. Trends do not happen overnight, they are only considered trends when they are popularised or embraced by key influencers and field experts,” says the property developer who spearheaded the development of Trump International Hotel and Tower in Vancouver, Canada. He will be speaking at the Future Forward Forum organised by Rehda Youth and Nippon Paint Malaysia on Sept 29.

Besides understanding the behavioural tendencies and culture of the target market, being in touch with the political and economic climate of those countries is needed to predict future trends.

For instance, “The flow of money and immigration will dictate sales. The rise of terrorism and gun violence around the world will lead to more unrest and this will lead to more outflow of money to different regions,” Tiah explains.

In creating trends, he believes China is the country to watch, as the mainland Chinese’ consumption patterns create trends simply by its sheer market size. “They are buying assets and businesses all over the world. The Chinese turn something into a trend just by latching on to it,” he says.

When it comes to property development, Tiah says technology is changing the way property developers market and sell real estate.

He foresees the rapid growth of social media and digital marketing in project marketing as the younger generation of property buyers are tech savvy.

Meanwhile, Varangkana Artkarasatapon, vice-president of business development and new business (high-rise) at Sansiri Public Company Ltd (Thailand) says future trends can be derived from current information at hand, but the challenge lies in knowing how to adapt the information to cater to customers.

Factors such as market readiness and local culture must be taken into consideration in the pursuit of future trends, says Varangkana, who will also be speaking at the Future Forward Forum.

“For example, we have been talking about the aging society as a trend for the past five to 10 years but nothing has happened because the market is not ready. In Thailand, it is very insulting to ask your parents to stay in a retirement home — the Japanese probably don’t mind as much. The right timing is key to success,” says Varangkana.

Future trends include technology and lifestyle changes, such as the adoption of electric vehicles and younger entrepreneurs opting for co-working spaces over luxury office buildings, Varangkana says.

Rapid population changes such as shrinking family sizes, slowing birth rates and more people choosing singlehood over marriage will affect future property demand, Varangkana says.

“How do we sustain the business if future demand for property declines? To survive in the business in future means having to keep ourselves updated and seizing every opportunity,” she says.

The Future Forward Forum on Sept 29 is organised by Rehda Youth and Nippon Paint Malaysia. TheEdgeProperty.com is the media partner. The forum will feature keynote sessions and panel discussions exploring future trends that could sustain, propel or disrupt the property development industry.

Other speakers who will be featured at the forum are Tange Associates president Paul Tange, CPG Consultants Singapore senior vice-president of architecture of the healthcare division Jerry Ong, Arkitek LLA Sdn Bhd director Laurence Loh and Art Printing Works Sdn Bhd CEO Ee Soon Wei.

Try out one of our super tools, the rental yield calculator, here.

This story first appeared in TheEdgeProperty.com pullout on Sept 9, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.