Southeast Asia’s digital economy slows as consumers cut spending

Quick Summary:

Southeast Asia’s Internet economy will log its slowest growth on record this year, a group of researchers said, underscoring weakness in consumer demand and a push to show profits instead of revenue gains.

Consumers in the region of more than 650 million people are curbing spending to cope with elevated inflation and interest rates.

Global giants like Amazon.com Inc.and Alibaba Group Holding Ltd.as well as regional players Grab Holdings Ltd., Sea Ltd.and GoTo Group are vying for a bigger share of markets from online retailing to food delivery and ride hailing.

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Article Details

Author / Journalist: Olivia Poh | Bloomberg

Category: BusinessStartups

Markets: PhilippinesChinaIndonesiaJapanMalaysiaSingaporeThailandVietnam

Topics: Growth Billion Year Report Economy Companies Showed Digital Southeast Region Tech

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-05 @ 11:12:29 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 495 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23430117

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 74 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 8 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #37

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