Aspiring entrepreneurs in Asia Pacific are optimistic, according to a new Herbalife study. More than three in five (63%) say they plan to start a small business in the next 18 months, with 59% of respondents expressing optimism about their entrepreneurial pursuits.
Polling 8,000 participants across 11 countries and markets, including Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam, the study found that health and wellness was an attractive category for both business and spending. More than half (51%) of respondents said they plan to increase their spending in the health and wellness sector this year, while 20% of aspiring entrepreneurs found the category appealing from a business perspective. Food and beverage ranked highest (44%) as a market favorable to launching a small business.
Gen Z and Millennials expressed the strongest entrepreneurial inclinations as well as the most openminded opinions about direct selling in general. As for markets, Indonesia ranked highest (91%) for holding a positive view of direct selling.
“We see an underlying positivity around entrepreneurship in the region,” said Thomas Harms, Herbalife Senior Vice President and Managing Director, Asia Pacific. “In the survey, many small business owners in APAC expect 2024 to be a better year for business than the last, but starting a new business can be daunting. We continue to see strong consumer interest in prioritizing their health and wellness. For aspiring small business owners, the rising spending in the health and wellness sector presents opportunities for them tap into. As a health and wellness company rooted in entrepreneurship, we remain committed to nurturing existing and aspiring entrepreneurs, creating an environment that helps them realize their full potential.”
