From Reuters, November 10:
Southeast Asia’s internet economy will hit $105 billion this year, as the coronavirus crisis prompted stuck-at-home consumers to go online to shop, get food delivered at home and for entertainment purposes, an industry report said on Tuesday.
The report, which covers Indonesia, Malaysia, Vietnam, Singapore and the Philippines, said the region added 40 million new internet users this year, taking the total to 400 million. That implies 70% of the region’s population is now online, the report added.
“The coronavirus has brought about a permanent and massive digital adoption spurt,” stated the report by Google, Singapore state investor Temasek Holdings and business consultants Bain & Co.
Southeast Asia’s internet economy expanded 5% from 2019.
Online retailers have emerged as winners from coronavirus lockdowns as people prefer to shop from their homes instead of making a trip to stores amid worries over a resurgence in infections. E-commerce grew 63% to reach $62 billion in 2020, to become the largest vertical this year, while the travel sector contracted 58% to $14 billion.
Singapore’s internet economy contracted 24% to $9 billion as the pandemic choked the travel sector, while Vietnam and Indonesia continued to grow at double-digit rates.
The region’s online industry is poised to triple to $309 billion in gross merchandise value by 2025, nearly in line with the $300 billion forecast made last year....
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Although Reuters didn't link to the report it is available as e-Conomy SEA 2020 Report at both Google and Bain.
Covering Southeast Asia's (SEA) six largest economies, 400 million of
the 580 million population living in these countries are online. That's
70% of the region. 40 million of them came online in 2020.1
