It is critical for us to fully capitalize on demographic dividends of ASEAN's internet population." said Wenjie Zhang, EVP and Co-head of Global Banking, HSBC China, during the session themed "Viewpoint: ASEAN’s New Economy" as part of 2020 HSBC China ASEAN Corridor Webinar Series held recently. At the end of 2019, the number of internet users in six ASEAN countries increased from 260 million in 2015 to 360 million. "The emergence of novel business formats in the new economy sector has accelerated business model transfor-mation and renovation during the pandemic, and we are increasingly using digital technology to gain access to more business opportunities including e-commerce, e-payments and online healthcare.
85% of the consumers surveyed said they tried new apps during the pandemic, many for the first time. Moreover, according to the latest Southeast Asia New Economy Report released by Facebook and Bain, online fresh food sales rose by 300%-400% during the pandemic, more than 80% of the consumers surveyed said they would continue to buy fresh food online even after the pandemic. Average mobile phone screen time in these countries was 4.2 hours per day, 1.2 times the level of global average, and that number was 5 hours for young people, according to a report released by the World Economic Forum (WEF) in June.
Online streaming in Malaysia, Singapore and Vietnam during the "stay home" period surged by 60% compared to the pre-COVID level. Because of the pandemic, we are living and working with increased reliance on digital businesses such as telecommuting and online shopping, a trend that has accelerated in ASEAN in particular. Despite the unprecedented challenges posed by the COVID-19 outbreak to the global economy, new economy sectors have grown even faster amid the pandemic.
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