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SINGAPORE, Aug. 7, 2024 /PRNewswire/ -- The countdown has begun for Franchising and Licensing Asia (FLAsia) 2024 - one of the region's most anticipated trade events for franchising and licensing. Organised by the Franchising and Licensing Association (Singapore) and Constellar, FLAsia 2024 will take place at Sands Expo & Convention Centre from September 12 to 14. The trade event offers unparalleled opportunities for entrepreneurs and investors to connect with leading brands looking to expand across the rapidly growing Asia Pacific consumer market.
Asia's Gen Z Driving Future Consumption Demand and Retail Trends
As Asia continues to be a key driver of global economic growth, its increasingly affluent millennials, Gen Z consumers and the burgeoning middle class are shaping global consumption patterns and driving demand for quality services and products across various sectors. These include beauty and wellness, education, food and beverages, and technology – which are leading exhibitor profiles at FLAsia 2024.
Gen Zs will account for 23.2 percent of the global population and spending an estimated US$12 trillion by 2030, becoming the highest consumer spending class in many regions. Much of the total spending by this population will also be from non-Western countries[1]. This makes Asia one of the most lucrative regions with vast opportunities for homegrown and global brands to expand beyond their familiar markets and target Gen Zs through franchising & licensing, therefore increasing their potential as lucrative business models in Asia[2].
Franchising & Licensing Boosts Business Stability and Wealth Growth
The United States of America is home to about 33.2 million small businesses, with only 2.4 percent (or over 806K) are franchises. While in Asia, China leads the Asian franchise market with over 4,000 franchise brands and 500,000 franchise outlets. Southeast Asia also hosts over 4,500 franchise systems with more than 160,000 franchisee firms. Coupled with a robust surge in franchising within India, Japan, South Korea and Taiwan in recent years, Asia now contributes to over 30 percent of all franchised businesses worldwide, establishing itself as a lucrative market for franchising undergirded by robust growth potential[3].
Against this backdrop, franchising & licensing is also becoming a viable and accessible option for financially-savvy younger generations seeking to monetise and grow their accumulated wealth as business owners[4]. An increasingly attractive alternative pathway to entrepreneurship, franchising & licensing significantly reduces risk and enhances the potential for a successful and rewarding career as a business owner.
Franchising & licensing offer more business stability and growth, while leveraging on the established master brand recognition, multiplier brand impact from wider marketing efforts, as well as training and comprehensive support offered across the business journey. Additionally, the benefits include enabling franchisees and licensees to be part of businesses and brands that resonate with their ambitions, aspirations and ethics.
"As the springboard to the vast Asian consumer market, Singapore is a strategic market and launchpad for master franchisors and aspiring entrepreneurs. The city's pro-business environment and stability offer a favourable climate for regional growth. FLAsia 2024 aims to be the essential platform for knowledge exchange and business networking for franchisors and franchisees to explore exciting partnerships," said Mr Dickson Low, President of the Franchising and Licensing Association (Singapore).
FLAsia 2024 Highlights
FLAsia 2024 expects to feature over 300 franchise brands and licensable characters by 150 exhibitors, including international franchises from Hong Kong, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, United States of America and Vietnam, enabling FLAsia 2024 as the most international franchising show in the region[5].
For F & B brands, attendees can also get more familiar with the brand experience and actual product, enabling them to make better informed decisions when considering franchising intent.
For the latest information on FLAsia 2024, connect on Linkedin and Facebook. To register, visit the FLAsia website.
For media enquiries and interview requests, contact the Constellar Communications team at comms@constellar.co.
About Franchising and Licensing Association (Singapore)
FLA (Singapore), one of the founding members of the World Franchise Council, was established in 1993 with the mission to nurture and develop Singapore's franchising industry. An essential component of Singapore's knowledge-based economy, FLA (Singapore) promotes and facilitates the use of franchising, licensing and branding as a growth strategy for Singapore enterprises, thus contributing to turning Singapore as a regional franchise and license hub. Through its partnership with Singapore government agencies and international franchise and license bodies, FLA (Singapore) also assists its members in their international development programmes. With an active growing membership of close to 150 companies, representing more than 250 strong brands, FLA (Singapore) is led and managed by a dedicated team of advisors, committee members and a full-time secretariat with the goal of supporting Singapore companies to expand internationally. https://www.flasingapore.org/
About Constellar
Constellar is Asia's preferred partner for convening businesses, curating ideas and creating opportunities for sustainable business growth and global impact. Based in Singapore with a regional footprint in China and Malaysia, we curate and develop influential trade and consumer events for key industries, connecting global marketplaces in sectors such as fintech, industrial transformation and ESG. We also manage the Singapore EXPO, Singapore's largest purpose-built venue for Meetings, Incentives, Conventions and Exhibitions (MICE). Our vision is to be a global leader made in Asia, activating impactful networks to enable cross-industry collaboration and innovation through our holistic portfolio of intellectual properties (IP) in the MICE industry. Visit Constellar.co for more information.
[1] These observations were made in a 2024 market research report by NielsonIQ and World Data Lab on the Gen Z population, which also noted that only 44 percent of Gen Z's total spending will come from Western countries (North America and the EU). |
[2] Among these observations include franchise tea chains Nayuki, Hey Tea and Mixue Bingcheng expanding into Southeast Asia; 40-year-old Thai fast-food chicken franchise Five Star's aim for 11,500 outlets across 10 countries by 2024; Australian doughnut chain Lukumades (with franchises in Indonesia, Malaysia, Taiwan and UAE) recently opening its first franchise outlet in Singapore; US bakery chain Sprinkles entering South Korea and expanding to Singapore and Malaysia; Kusto Group planning to expand restaurant chain Wendy's presence in Central Asia, with 55 outlets across Uzbekistan and Kazakhstan by 2030; and Wyndham Hotels & Resorts identifying Singapore as a key strategic market and opening Wyndham Singapore (previously The Peninsula Excelsior Singapore) to introduce the Wyndham brand in Asia. |
[3] Franchising.com reported that the franchising landscape in Asia has experienced a robust surge in recent years, establishing the Asia-Pacific region as the global leader in the franchise market. Some observations include India holding the position of the third-largest market after United States and China, with over 4,600 active franchisers and nearly 200,000 outlets operated by almost 1.7 lakh franchisees; Japan as a major player in the Asian franchising scene, boasting over 1,500 franchise brands and 240,000 franchise outlets; South Korea experiencing a remarkable 50% increase in franchise brands since 2010 and Taiwan witnessing a notable 20% growth in franchise brands since 2010. |
[4] Entrepreneur.com and Forbes in recent years observed that franchising is a feasible way for investors to diversify their investment portfolios and build generational wealth with the right strategies and when matched with the right franchise(s). Entrepreneur.com also further featured working couple Nadine and James Middleton becoming successful entrepreneurs and achieving generational wealth through franchising. |
[5] Franchising & Licensing Asia 2023 showcased franchises and licensable characters from over 105 exhibitors and 5 country pavilions, as well as offered first-hand insights into the business from 46 experts at the FLA Conference, Workshop and Fresh! Brands Showcase. The event attracted over 6,500 attendees and facilitated over 300 business meetings and hosted tours. |
[6] FT Consulting provides franchising, branding and Intellectual Property strategies and services to Southeast Asian enterprises; while XM Studios is an award-winning producer of hand-painted luxury art collectibles of characters by DC Comics, Marvel, Transformers, and more. |
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