Vietnam: Consumer Profile

October 2024

Longer life expectancy, falling birth rates and the growing influence of younger generations are transforming Vietnam’s consumer landscape. Millennials and Gen Z are gaining influence, while single-person households are seeing rapid growth. Traditional gender roles persist, impacting households’ purchasing priorities. Stubborn inflation means consumers remain cautious in their spending, while quality over quantity prevails and a focus on sustainability remains paramount.

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Overview:

Consumer Lifestyle reports provide detailed snapshorts of the behaviours, attitudes and spending patterns of consumers in 40 countries. 

The Lifestyles reports offer valuable statistics and insights into key consumer traits and values, linking behaviour trends with purchase and consumption habits. Using lifestyles survey data, these reports quantify behaviours, preferences and motivations both now and in the future across specific consumer-related topics relating to how consumers live, shop, work and play in 40 markets. Analysis is also included on how Euromonitor’s 8 focus megatrends, the longer-term shifts in consumer attitudes and behaviour, are playing out in each of the 40 countries. Consumer lifestyles are constantly shifting. Understanding behavioural shifts is vital for businesses to stay competitive and adapt to in order to capitalise on new opportunities.

The Consumer Lifestyle in Vietnam report includes:

Lifestyles survey data and analysis on consumer values, behaviour and future expectations on topics such as life priorities, home and work life, ethical and health priorities and eating, leisure and shopping habits and use of technology. Consumer Megatrends covered are: Connected Consumers Ethical Living Experience More Healthy Living Middle Class Retreat Premiumisation Shifting Market Frontiers Shopping Reinvented

The Consumer Lifestyle in Vietnam report answers:

  • How is the consumer mindset in Vietnam changing? In Vietnam, what are consumer attitudes towards “green” and sustainable products?
  • What values influence consumers in Vietnam purchase decisions?
  • Where and how do consumers shop in Vietnam?
  • What health-related activities do consumers in Vietnam participate in?
  • What megatrends should I focus on in Vietnam (and why)?
  • How do I prioritize my investment? I operate in country x, which are the most important megatrends in that country?
  • My product chimes with the Healthy Living trend, what consumer behaviours do I need to consider for innovation planning?
Download Table of Contents
Scope
Key findings
Key drivers affecting consumers in Vietnam in 2023
How developments today shape the consumer of tomorrow
Today 2023: Declining birth rates limiting overall population growth
Today: Nearly one in four Vietnamese are under the age of 14
Unhealthy diets result in raised cholesterol levels among Vietnamese
Tomorrow 2040: Despite rising retirement age, old-age dependency ratio to increase
Tomorrow: Millennials’ market influence to become significant owing to their size
Ho Chi Minh City to remain Vietnam’s economic hub
Opportunities for growth
Case Study: MindX expands its nationwide edtech opportunities
Today 2023: Single-person households experiencing rapid growth as birth rates decline
Today: Traditional family lifestyles maintain dominance of households with children
Majority of Vietnamese are the owners of their homes
Tomorrow 2040: Internet connectivity to become universal throughout Vietnam
Tomorrow: Traditional gender roles will continue to shape household dynamics
Rapid digitisation will ensure greater technological innovation and convenience
Opportunities for growth
Case Study: Luxstay making inbounds into local tourism industry
Today 2023: Middle class expansion stagnates as economic growth is restricted
Today: Inflation slightly subdued, but remains elevated compared to previous years
Financial literacy increasing as unbanked population continues to shrink
Tomorrow 2040: Sustained economic growth will support the expanding middle class
Tomorrow: Wealth management supports greater financial security
Ho Chi Minh City to remain an economic hub owing to high consumer expenditure
Opportunities for growth
Case Study: Finhay supporting wealth management by encouraging financial investments
Key findings consumer survey
Financial security supports millennials’ willingness to pay premium prices for goods
Cost-conscious consumers showing greater willingness for private label
Vietnamese actively trying to reduce effects of climate change in their country
Saving mindset ensures confidence in financial ability
Upskilling and further education strong enablers for career development
Opportunities for growth
Case Study: The 31 champions a holistic approach to sustainable lifestyles
Key findings
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