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Business

Sensible tops splashy for the Asian consumer hits of 2016

Slowing growth drives shift toward products and services packed with value

Consumer spending patterns across Asia are shifting away from flashy luxuries and toward down-to-earth deals, as highlighted in Nikkei's rankings of hit products and services for 2016.

The rankings, covering 11 Asian markets, show that value was a high priority among the region's consumers last year. Consider, for instance, the growing popularity of discount stores in Malaysia, and the proliferation of inexpensive but feature-rich smartphones in China, India and Myanmar. Where consumers once splurged on designer brands and other status symbols, many are now making more sensible purchases -- a change likely driven by economic and demographic trends.

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