MANILA, PHILIPPINES – Media OutReach – 13 July 2021 – According to a new report published by Carousell Media Group (CMG) and IAB Southeast Asia and India (IAB SEA+India), a vast majority (99%) of Millennials in the Philippines felt that purchasing pre-owned items is more sustainable.

The report on the Millennial Motivations and Buying Behaviours Online across Southeast Asia and Hong Kong, conducted across five Carousell Group’s markets – Singapore, Hong Kong, Philippines, Malaysia (for both Carousell and Mudah.my platforms) and Vietnam (Cho Tot) with over 3,500 of its respondents, also uncovered that the global trend of recommerce – or the buying and selling of pre-owned items – is accelerating in this part of the world.

“Across all the local market research what was consistently obvious is that we are witnessing the explosive growth of recommerce as it feeds two key needs of consumers today; the demand for sustainability and the hunt for a good deal. This juncture of ethics and eCommerce creates fertile ground for retail media because of the interplay among customer data, closed-loop reporting, and real-world results that generate more and better data.” Miranda Dimopoulos, Regional CEO, IAB SEA+India said.

The research uncovered that Millennials in Southeast Asia and Hong Kong were driving this explosive growth. In the survey, 84% of under 35s in the Philippines said that they sold their pre-owned items because it is better for the environment to sell their items than dispose of them. The Philippines ranked this as the most important reason, as compared to the other markets.

JJ Eastwood, Managing Director, CMG shared “Recommerce has become synonymous with sustainability and this research demonstrates how important this has become to young people across the region. As we see users spending more on high-value products like luxury, and cars in the Philippines, we also see them being increasingly conscious of where they spend their money. This presents a unique opportunity for brands to win the hearts and minds of this core consumer segment around issues they care deeply about.”

This regional research establishes the audience profile in each market then explores income and spending habits, how the audience spends their time online, and offline, motivations to use buy-and-sell marketplaces as well as attitudes towards sustainability in relation to their purchasing habits. The report further deep-dives into some interesting local market insights.

Some key findings from the regional survey include:

• 95% of Millennials felt that purchasing pre-owned items is more sustainable with 50% feeling strongly about this. For the Philippines, it was higher at 99%.
• Millennials overall, also cared more about social issues such as sustainability, social responsibility and climate change in comparison to over 35s.
• The Philippines ranked higher than the regional averages when it came to sustainability considerations being factored in by respondents when they were selling an item. 84% of the respondents said that they use platforms like Carousell to sell products, with the intent of upgrading to something else, and because it is better for the environment to sell the item rather than dispose of it.
• In the majority of markets, both those under 35 and over 35 are equally motivated to use the platform as the environmental impact is lesser when purchasing a pre-owned item.
• Over 35s are significantly more motivated by promotions and sales when it comes to purchasing a luxury item whereas under 35s will save for a particular item.
• Gaming, Mobile, Gadgets or Accessories is the top category in Electronic Items, followed by Computer Accessories and Home & Kitchen Appliances; these are all categories that facilitate entertainment, communication, virtual working and cooking as respondents spent more time at home due to COVID-19.
• Asian platforms dominate the competitor landscape against similar Western platforms such as Amazon.

“This research captures a highly engaged millennial audience who are in the browsing and buying mindset, motivated by a great deal and their belief that purchasing pre-owned is more sustainable. In addition, when we took a closer look at the Luxury Category, we found that half of all respondents bought luxury items in the past 12 months. Singapore, Carousell Malaysia and Hong Kong are above the purchasing average; despite being in the midst of a global economic slowdown. This signals the rise of an aspirational consumer class.” JJ Eastwood revealed.

For full access to the local market reports and to discuss retail media opportunities with Carousell Media Group in more detail, email at mediagroup@thecarousell.com. Any research questions or feedback can be sent to hello@iabseaindia.com.

About Carousell Media Group:

The Carousell Media Group (CMG) is the media arm of the Carousell Group and offers advertising solutions for brands and agencies across all brands – Carousell, Mudah.my, Cho Tot and OneKyat. With tens of millions of users in 8 different markets across Southeast Asia & Hong Kong, Carousell Media Group provides scale and reach to advertisers. Visit here for more information.

About IAB SEA+India:

Established in 2010, the IAB SEA+India is the not-for-profit association that galvanises the digital industry across the region. Collaborating with partners throughout the digital landscape, the membership – comprising brands, publishers, agencies and tech platforms – has grown twelvefold in the past eight years, reflecting the acceleration of digital in the region.

IAB SEA+India has successfully established strong credibility and a track record of meaningful work built upon the strength of its board, councils, research, guidelines, government relations, mentoring and education initiatives.

The Association offers world-class expertise that elevates the profile of the region on a local and global scale. Since the launch of the IAB training series in 2014, IAB SEA+India has trained over 25,000 people, and in 2020, attained overall membership satisfaction and value scores of 4.9 out of 5.

#CarousellMediaGroup #IABSEA+India

HONG KONG SAR – Media OutReach – 13 July 2021 – According to a new report published by Carousell Media Group (CMG) and IAB Southeast Asia and India (IAB SEA+India), income levels and purchasing patterns in Hong Kong signalled towards a growing aspirational consumer class. 64% of Hong Kongers noted that their household income was in the top 50% income tier.

The report on the Millennial Motivations and Buying Behaviours Online across Southeast Asia and Hong Kong, conducted across five Carousell Group’s markets – Singapore, Hong Kong, Philippines, Malaysia (for both Carousell and Mudah.my platforms) and Vietnam (Cho Tot) with over 3,500 of its respondents, also uncovered that the global trend of recommerce – or the buying and selling of pre-owned items – is accelerating in this part of the world.

“This research captures a highly engaged millennial audience who are in the browsing and buying mindset, motivated by a great deal, variety of options, and by their belief that purchasing pre-owned is more sustainable. In addition, when we took a closer look at the Luxury Category, we found that half of all respondents bought luxury items in the past 12 months. Overall, Singapore, Carousell Malaysia and Hong Kong are above the purchasing average; despite being in the midst of a global economic slowdown. This signals the rise of a growing aspirational consumer class, dominated primarily by under 35s.” JJ Eastwood, Managing Director, CMG shared.

This regional research establishes the audience profile in each market then explores income and spending habits, how the audience spends their time online, and offline, motivations to use buy-and-sell marketplaces, as well as attitudes towards sustainability in relation to their purchasing habits.

Key findings include:

• 93% of Millennials in Hong Kong felt that purchasing pre-owned items is more sustainable
• 62% of respondents in Hong Kong bought a luxury item in the past 12 months, with over 50% buying Bags & Wallets from brands like Gucci, etc. Luxury accessories and belts are significantly more popular in Millennials vs over 35s.
• Millennials were more likely to save to buy luxury items vs over 35s. We see that most of the Millennial household income goes towards savings (27%), which is higher than the regional average. However, over 35s are significantly more motivated by promotions and sales when it comes to purchasing a luxury item.
• Millennials overall, also cared more about social issues such as sustainability, social responsibility and climate change in comparison to over 35s.
• In the majority of markets, both those under 35 and over 35 are equally motivated to use the platform as the environmental impact is lesser when purchasing a pre-owned item.
• Gaming, Mobile, Gadgets or Accessories is the top category in Electronic Items, followed by Computer Accessories and Home & Kitchen Appliances; these are all categories that facilitate entertainment, communication, virtual working and cooking as respondents spent more time at home due to COVID-19.
• Asian platforms dominate the competitor landscape against similar Western platforms such as Amazon

“Across all the local market research, what was consistently obvious is that we are witnessing the explosive growth of recommerce as it feeds two key needs of consumers today; the demand for sustainability and the hunt for a good deal. This juncture of ethics and eCommerce creates fertile ground for retail media because of the interplay among customer data, closed-loop reporting, and real-world results that generate more and better data.” Miranda Dimopoulos, Regional CEO, IAB SEA+India said.

“Recommerce has become synonymous with sustainability and this research demonstrates how important this has become to young people across the region. As we see users spending more on high-value products like luxury, and cars, we also see them being increasingly conscious of where they spend their money. This presents a unique opportunity for brands to win the hearts and minds of this core consumer segment around issues they care deeply about,” said JJ Eastwood.

For full access to the local market reports and to discuss retail media opportunities with Carousell Media Group in more detail, email us at mediagroup@thecarousell.com. Any research questions or feedback can be sent to hello@iabseaindia.com.

About Carousell Media Group:

The Carousell Media Group (CMG) is the media arm of the Carousell Group and offers advertising solutions for brands and agencies across all brands – Carousell, Mudah.my, Cho Tot and OneKyat. With tens of millions of users in 8 different markets across Southeast Asia & Hong Kong, Carousell Media Group provides scale and reach to advertisers. Visit here for more information.

About IAB SEA+India:

Established in 2010, the IAB SEA+India is the not-for-profit association that galvanises the digital industry across the region. Collaborating with partners throughout the digital landscape, the membership – comprising brands, publishers, agencies and tech platforms – has grown twelvefold in the past eight years, reflecting the acceleration of digital in the region.

IAB SEA+India has successfully established strong credibility and a track record of meaningful work built upon the strength of its board, councils, research, guidelines, government relations, mentoring and education initiatives.

The Association offers world-class expertise that elevates the profile of the region on a local and global scale. Since the launch of the IAB training series in 2014, IAB SEA+India has trained over 25,000 people, and in 2020, attained overall membership satisfaction and value scores of 4.9 out of 5.

#CarousellMediaGroup #IABSEA+India

HONG KONG SAR – Media OutReach – 13 July 2021 – Gaw Capital Partners today announced the appointment of Mr. Kok-Chye Ong as Managing Director & Head of IDC (ex-China) at Gaw Capital Partners, with effect from July 13, 2021. Mr. Ong will be based in Singapore.

Mr. Ong will spearhead internet data centre (IDC) platform investments for Gaw Capital Partners outside of the China region, building a professional team and platform to build on our successful IDC platform in China, where Gaw Capital Partners has already committed US$1.3 billion since 2019.

Kenneth Gaw, President & Managing Principal of Gaw Capital Partners, said, “I am delighted to welcome Kok-Chye onboard. His exceptional leadership and industry expertise in the fields of data centres and telecoms will be invaluable for the development of Gaw Capital Partners’ IDC platform. I am confident that our IDC platform will continue to evolve and develop into a high-quality business under his leadership.”

Prior to joining Gaw Capital Partners, Mr. Ong worked in the Keppel Group of companies for 10 years in a number of roles including being a Senior Vice President and since 2014, as the Head of Strategy and Global Investments at Keppel Data Centres, a regional data centre owner and operator with over 25 data centres spread across the APAC and European regions. He has over 20 years of international experience in data centres, telecom and submarine cable development projects. He has strong track record in fundraising, growing data centre businesses in key markets in Asia and Europe, and leading investment teams to acquire data centres in Australia, Malaysia, Indonesia, Singapore, Hong Kong, Germany and in the Netherlands. He was ranked by Data Economy in 2018 as one of the world’s top 25 finance deal makers in the data centre and cloud industry.

Mr. Ong received his Bachelor of Accounting degree from the Nanyang Technological University in Singapore and graduated from the Sloan Fellows Program at Stanford University with a Master of Science in Management from the Graduate School of Business in 2007. He is a Chartered Accountant (CA) in Singapore and Fellow of CPA Australia (FCPA) and a member of the Institute of Singapore Chartered Accounts (ISCA) and CPA Australia.

About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in retail, hospitality, property development, logistics, IDC and Education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, hospitality, logistics warehouses and IDC projects.

Gaw Capital has raised six commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia hospitality fund, a European hospitality fund, a Growth Equity Fund and also provides services for separate account direct investments globally.

Gaw Capital has commanded assets of USD$ 30.7 billion under management as of Q1 2021.

#GawCapital

TOKYO, JAPAN and REDMOND, WASH. – Media OutReach – 13 July 2021 – Microsoft Corp. (Microsoft) and NEC Corporation (NEC; TSE: 6701) on Tuesday announced an expansion of their decades-long collaboration. Through a new multi-year strategic partnership, the companies will leverage Microsoft Azure, Microsoft 365, NEC’s network and IT expertise, including 5G technologies, and each other’s AI and IoT solutions to help enterprise customers and the public sector across multiple markets and industries further accelerate their cloud adoption and digital transformation initiatives.

The partnership will see NEC adopt Microsoft Azure as its preferred cloud platform to deliver enhanced capabilities to drive sustained digitalization, help customers transform their business models, and build Digital Workplaces for the post-pandemic “new normal.”

To accelerate NEC’s Digital Workplace innovation and workforce transformation, the companies will work together to migrate NEC’s on-premises IT environment to Azure and deploy Azure Virtual Desktop and other Azure services among the NEC Group’s 110,000 employees worldwide. This modernization builds on NEC’s existing Microsoft 365 platform and will enable a highly sustainable environment that is more secure and robust, accelerating cloud migration for NEC and its customers throughout the commercial and public sector in Japan and around the world.

The companies will work together to help improve digital services for public sector and enterprise customers through workplace and workforce transformation. Greater speed and lower-latency data connections will provide high-performance network experiences to create more efficient workplaces and empower employees to realize more personalized work styles for public sector as well as private sector customers.

Leveraging the assets of both companies, including Microsoft’s Intelligent Edge solutions and NEC’s private 5G networking technologies, the companies will work together to help customers across industries transform. In retail, for example, the two companies will work together to analyze customer transaction data in real time using AI to better understand buying patterns, improve operational efficiency and identify new market opportunities.

The combination of Azure and both companies’ AI and IoT technologies and expertise will enhance NEC’s customer experience through advanced solutions and enable more secure maintenance and operation of stores. In addition, NEC and Microsoft plan to explore network innovation initiatives built on Microsoft Azure for enterprise domains and specific industries.

Through the partnership, the companies will work together to double the number of digital-focused engineers within the NEC Group who are specialized in Microsoft technologies. This investment in technical capabilities and the expertise of NEC’s employees will help ensure customers’ digital transformation success, benefiting the market and society.

“As we’ve seen over the past year, digital adoption curves are accelerating across every industry and business function,” said Satya Nadella, chairman and CEO, Microsoft. “Our strategic partnership with NEC brings together the power of Azure and Microsoft 365 with NEC’s services and infrastructure expertise to help public and private sector customers build resilience and transform during this era of rapid change.”

“NEC is pleased to enter into this strategic collaboration with Microsoft Corp.,” said Takayuki Morita, president and CEO of NEC Corporation. “With Microsoft’s trusted cloud and services, the experience that NEC has cultivated in its own systems, and both companies’ AI and IoT technologies, we will enable companies globally to use digital services that are safer and more secure than ever before as they progress with digital initiatives.”

“The need for sustainable transformation to ensure business resiliency and growth has never been more important in the world and especially Japan,” said Hitoshi Yoshida, president & CEO, Microsoft Japan. “Our partnership will help accelerate the industry’s cloud-based digital transformation and utilization of data migration and help Japan’s continued success globally, leading to greater economic and societal prosperity.”

This announcement is based on a history of strong collaboration between Microsoft and NEC spanning more than 40 years.

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

#Microsoft

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at http://www.nec.com.

#NEC

Market-exclusive Dementia Multi-care Benefits

Continuous Cancer Payout Benefit up to 100 months

Up-to-date comprehensive protection

HONG KONG SAR – Media OutReach – 12 July 2021 – AXA Hong Kong and Macau (“AXA”) today announced the launch of “LoveAssure Plus Critical Illness Plan” and “LoveAssure Critical Illness Plan” (collectively referred as “LoveAssure Critical Illness Protection” Series or the Series), a unique comprehensive critical illness protection covering illnesses, ranging from the most common ones to the emerging ones to which the market has yet to provide sufficient support.

The Series includes market-exclusive¹ Dementia Multi-care Benefits that provides continuous annuity until the age of 100 to support the cost of long-term care for the insured who is diagnosed with severe dementias. Moreover, despite the improved cancer survival rate due to advancements in medical technology, cancer recurrence rate is still high, for example, colorectal and ovarian cancer recurrence rate can reach as high as 50% and 80% respectively². “LoveAssure Critical Illness Protection” Series thus offers up to 100 months of Continuous Cancer Payout Benefit, providing the insured long-term financial support to fight against cancer.

From now until 30 September 2021, customers can enjoy 2 months’ premium refund if they successfully apply for the “LoveAssure Critical Illness Protection” Series.

Costly long-term dementia care up to HKD190,000 per year

According to the data from the Food and Health Bureau and the Hong Kong Hospital Authority, it is estimated that for people aged 65 or above, there is a worrying 5-8% chance of getting dementia and the prevalence of dementia doubles with every 5-year increment after age 65. Due to the irreversible nature of dementia and the heavy dependence on support services, the cost of care and the burden on caregivers will keep growing with an ageing population and increase of dementia cases. A research report³ shows that the non-medical expenses to take care of a patient with severe dementia in Hong Kong would be approximately HKD190,000 per year, which could not be reimbursed under medical insurance in the market. Thus, we have especially added the market-exclusive Dementia Multi-care Benefits to the “LoveAssure Critical Illness Protection” Series to help customers fill this protection gap.

“Living with Cancer” is becoming prevalent which requires long-term financial support

Meanwhile, though cancer is the most common critical illness in Hong Kong, it is no longer a terminal illness and being proactive with treatment can increase the survival rate. According to our claims data, even someone who is diagnosed with Stage IV of lung cancer can receive continuous cancer treatments for almost 8 years to control cancer cells. As “Living with Cancer” is becoming prevalent, the Series’ Continuous Cancer Payout Benefit of up to 100 months will provide great support to cancer patients on their road to recovery.

Kevin Chor, Chief Life and Health Insurance Officer, AXA Hong Kong and Macau, said, “A comprehensive critical illness protection can provide customers with immediate financial support if they unfortunately encounter serious illnesses. According to a recent survey⁴ conducted by the Golden Age Foundation in partnership with AXA, approximately 75% of Hong Kong’s golden age people (aged 45 and older) are neutral or dissatisfied with their current savings, future finance, ability to cope with financial crises, and their own financial management ability. Approximately 40% reported that their savings may not meet their financial needs in healthcare and long-term care. The shortfall highlights the importance of getting critical illness protection with continuous support as it helps relieve the heavy financial burden brought by critical illnesses especially during the golden age.

‘LoveAssure Critical Illness Protection’ Series provides holistic protection to our customers physically, mentally and financially. It underscores AXA’s continuous commitment to being a true lifelong partner to our customers. With the Series’ extensive and innovative features and benefits, we hope to provide comprehensive support to our customers and serve as their useful companion in times of need.”

“LoveAssure Critical Illness Protection” Series all-rounded protection includes:

• Market-exclusive¹ Dementia Multi-care Benefits – If the insured is diagnosed with severe dementias, a lump sum payout up to 100% of the sum insured and a Dementia Caregiver Annuity Benefit of up to 12% of the sum insured will be payable every year to continuously support the costs of long-term care until the insured reaches age 100.
• Up to 100 months of Continuous Cancer Payout Benefit – If the insured is diagnosed with cancer, a lump sum payout up to 100% of the sum insured will be payable first. In addition, a monthly payout of 5% of the sum insured will be provided if the insured is still suffering from cancer after a 1-year waiting period and undergoing cancer treatment. This will provide long-term financial support as income replacement and help ease the burden brought by daily living expenses for up to 100 months. Under LoveAssure Plus, the insured who is diagnosed with late stage cancer can receive payouts immediately with no waiting period.
• Total coverage of up to 1300% of the sum insured – The Series provides Multiple Claims Major Illness Benefit against most of the covered major illnesses before the insured reaches age 85, with 100% of the sum insured each time.
• Dual-tier Intensive Care Unit Coverage – To provide a safety net for our customers, regardless whether it is caused by an accident or an unexpected infectious disease, up to 20% of the sum insured will be payable if the insured is admitted to the ICU for 72 consecutive hours or more; up to 100% of the sum insured will be payable if the insured stays in the ICU for 120 consecutive hours and undergoes a complex surgery.
• Wide range of value-added services – The Series provides a wide range of value-added services that cover prevention, treatment and rehabilitation will be provided. These include dementia early detection screening and a caregiver training programme for dementia care.
• Extra coverage – I f customers take up “LoveAssure Critical Illness Protection” Series together with designated supplements , an extra 50% sum insured will be provided when the Major Illness Benefit or Death Benefit becomes payable within the first 2 0 policy years . With Extra Coverage Benefit, the Series offers a total coverage of up to 200% of original sum insured for the first 10 policy years.

There are more benefits offered by the “LoveAssure Critical Illness Protection” Series such as Juvenile Caregiver Benefit. For details, please visit: www.axa.com.hk/en/loveassure-plus-critical-illness-insurance and https://www.axa.com.hk/en/loveassure-critical-illness-insurance.

The above information is for reference only. For details on premium refund and product features, content, terms and exclusions, please refer to the relevant product brochures and promotional leaflets.

About AXA Hong Kong and Macau

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 54 markets and serving 105 million customers worldwide. Our purpose is to act for human progress by protecting what matters.

As one of the most diversified insurers offering integrated solutions across Life, Health and General Insurance, our goal is to be the insurance and holistic wellness partner to the individuals, businesses and community we serve.

At the core of our service commitment is continuous product innovation and customer experience enrichment, which is achieved through actively listening to our customers and leveraging technology and digital transformation.

We embrace our responsibility to be a force for good to create shared value for our community. We are proud to be the first insurer in Hong Kong and Macau to address the important need of mental health through different products and services. For example, the Mind Charger function on our holistic wellness platform “AXA BetterMe”, which is available via our mobile app Emma by AXA, is open to not just our customers, but the community at large. We will continue to foster social progress through our product offerings and community investment to support the sustainable development of Hong Kong and Macau.

THIS PRESS RELEASE IS AVAILABLE ON AXA’S WEBSITE: AXA.COM.HK

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

#AXA