Nielsen publishes data on Vietnamese consumers, calling the country a land of opportunity.
Nielsen has released data providing a brief overview of Vietnam’s consumer landscape today and information on shopping habits and the state of the domestic market.
Vietnamese now have more purchasing power. By 2020 it is expected that Vietnam’s middle class will more than double from 12 million in 2014 to 33 million. Vietnamese are ranked the 10th most-optimistic consumers globally, joining the Philippines, in 2nd place, Indonesia 3rd, and Thailand 5th. From 2010 to 2012 monthly per capita income increased 44 per cent and total monthly consumption increased 32 per cent.
Vietnamese have a strong desire for a better life. Seventy-three per cent are willing to pay more for higher quality, while 39 per cent see health as the leading concern in life. The top three goals in saving money are: their children’s future (34 per cent), health (12 per cent), and the first home purchase (11 per cent).
The opportunities for Vietnamese to shop at the moment are growing more than ever. Modern trade is growing in importance, as 42 per cent of consumers buy groceries at supermarkets more often. Convenience stores are now a part of life, with numbers doubling from 147 stores in 2012 to 348 in 2014. More people go to convenience stores to shop, with students leading the shift (23 per cent) followed by white collar/professionals (36 per cent). However, traditional grocery outlets remain dominant in the country, as more than 80 per cent of fast-moving consumer goods (FMCG) sales are made in traditional trade at 13 million outlets nationwide.
Technology brings people more opportunities to stay connected. Smartphones are booming in Vietnam, with nearly one in two owning one. When watching video programming, 62 per cent use computers, 30 per cent mobile phones, and 26 per cent tablets. Twenty-eight per cent of consumers now prefer shopping online.
According to Nielsen, this information reveals Vietnam to be a land of opportunity.