Vietnam has a promising market! 36 million more consumers in the next decade

2022-11-21
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Author:Zeng Xuening
Source: ennews

Driven by the continuous investment in manufacturing industry and the increasing demand for foreign productivity, Vietnam's manufacturing advantages are more prominent. in the pastIn 20 years, Vietnam's GDP grew at a compound annual growth rate of 5%, 1.7 times the global level. Even in 2020, when the epidemic has caused serious damage to the global economy, Vietnam's GDP growth rate will still be 2.9%.

 

According to the latest research of McKinsey Global Research Institute, if you miss the Asian market, you may miss about10 trillion dollars of consumption growth opportunities.And Vietnam has the ability to become an important driving force to promote the Asian consumer market.

 

In the next decade, Vietnam is likely to increase by about36 million consumers, that is, consumers who spend at least $11 per day in terms of purchasing power (PPP).stayIn 2000, less than 10% of Vietnam's population belonged to the consumer class. Today, the proportion has risen to 40%. It is estimated that this figure may reach 75% by 2030.

 

According to the reportIn 2030, "digital aborigines" born from 1980 to 2012 are expected to account for 40% of Vietnam's consumption. People born during this period are proficient in digital technology, and have infiltrated the rapid digital life into Vietnamese daily life and communication, especially in the field of e-commerce.

 

at presentShopee and Lazada have become active locally.The rapid rise of digital consumers has promoted the innovation of retail and purchase behavior, and the proportion of online consumption through various channels has gradually increased.

 

For example, local social softwareZalo is one of the most popular local applications, with 52 million active users every month, and has also become an important marketing channel; And TikTok is also used by 55% of Generation Z in Vietnam; Mio and other business social networking sites and live broadcast platforms are also shaping consumption patterns by creating new ways to attract more young shoppers.

 

All these new trends have forced enterprises to reconsider their marketing budget allocation. They also realized the importance of online channels and the increase of daily popularity.stayVietnam's online advertising expenditure is expected to reach US $1 billion in 2021, with an annual growth of about 22% by 2025.

 

As Vietnam's population structure and environment have changed, the consumption structure and preferences of consumers have also changed.

 

Asian brands have a strong position among many Asian consumers, including Vietnam. For example, in the field of FMCG, the annual revenue growth rate of Asian brands is9%, while the revenue growth rate of global non Asian brands is 5%. And most of the fastest growing retail chain enterprises are also local enterprises in Vietnam.

 

And Vietnamese consumers have begun to choose consumption more consciously. For example, coffee shops reuse straws and mugs.have84% of Vietnamese consumers said they were willing to pay high prices for conscious lifestyle products.

 

Therefore, combined with the current situation, Vietnam's consumer market is still full of vitality and strong momentum. Enterprise sellers can seize the opportunity and combine their own advantages to attract more Vietnamese consumers.


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