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MASTERCARD ECONOMICS INSTITUTE

South Asia and ASEAN in Focus: 2025 Holiday Spending and 2026 Outlook

December 11, 2025 | 1:30 p.m. SGT

As the year draws to a close, how are shifts in consumer sentiment and  spending patterns shaping expectations for 2026? 

Join David Mann, Mastercard’s Chief Economist for Asia Pacific, and Anushri Bansal, Economist for South Asia, and Jason Yek, Economist for ASEAN for a region-wide discussion on the consumer and economic forces shaping the next phase of growth across India, Sri Lanka, Bangladesh, and the ASEAN-5.

Drawing on Mastercard’s near real-time spending insights and economic forecasts, the session will explore: 

  • India: Real GDP growth consolidates to long-term trends at 6.6% in 2026, supported by lower rates, tax reforms, and resilient domestic consumption amid policy-driven stability.
  • Sri Lanka and Bangladesh: Solid momentum from tourism, remittances, and easing inflation in the case of Sri Lanka. Bangladesh’s economy may be on the mend, although structural challenges and policy uncertainty persist.
  • ASEAN-5: Diverging growth paths, Indonesia and the Philippines remain resilient, while Malaysia, Singapore, and Thailand see moderation.
  • Regional spending trends: From festive retail and travel to experience-led consumption, consumers are reshaping demand this holiday season. 

Discover the key risks and opportunities to watch as policy easing, sentiment, and inflation trends unfold into 2026. 

Speakers:

David Mann
David Mann Chief Economist, APAC, Mastercard Economics Institute
updated anushri
Anushri Bansal Economist, South Asia, Mastercard Economics Institute
Jason Yek Formal
Jason Yek Economist, ASEAN, Mastercard Economics Institute

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