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A presentation from Cimigo market research on Vietnam Consumer Trends 2021. Cimigo assesses the impact of COVID on consumer trends in Vietnam during 2021. Discover the economic, social and consumer impact.
If you prefer to listen to the presentation being delivered, you may do so here; Vietnam Consumer Trends 2021.
Economic impact
- The dual strategy for public protection and economic progress has proven extremely successful.
- On average household incomes have fallen 12%. This average masks the hardest hit households.
- Business has bounced back beyond tourism and hospitality. Export bound manufacturing has performed strongly.
- Vietnam remains the most interconnected trading nation globally.
Attitudinal impact
- National pride has been propelled further by Covid management.
- Covid has accelerated the emphasis on healthy lifestyles, sports, food and beverages.
Behavioural impact
- CPG largely grew but at a slower pace than in 2019. Income shortfall derailed the premiumisation of CPG.
- Downgrading to value for money alternatives will persist through 2021.
- Delayed high ticket item purchases will recover in Q4 2021.
- Digital transformation accelerates demand for online consumer edutainment and shopping.
- Online shopping will surpass the modern trade share of sales in 2028.
Structural changes
- Rapid urbanisation provides challenges, but high efficiency and convenience.
- The rural population is shrinking fast. Migration and lower birth rates mean households are smaller and slightly wealthier.
- Digital and modern trade expansion makes in-roads into rural households.
- Vietnam enjoys a huge demographic dividend owing to low dependency ratios on earners.
- A staggering drop in birth rates and an aging population will take hold in the 2030s.
- Elderly dependents will become a key challenge in the 2040s.
Vietnam’s dynamism
- The speed of change will accelerate through 2030.
- Sector-wide tech adoption will continue to leapfrog the development paths followed by mature markets.
Minh Thu - Consumer Market Insights Manager
Travis Mitchell - Executive Director
Hy Vu - Head of Research Department
Joe Nelson - New Zealand Consulate General
Steve Kretschmer - Executive Director
York Spencer - Global Marketing Director
Laura Baines - Programmes Snr Manager
Mai Trang - Brand Manager of Romano
Hanh Dang - Product Marketing Manager
Luan Nguyen - Market Research Team Leader
Max Lee - Project Manager
Chris Elkin - Founder
Ronald Reagan - Deputy Group Head After Sales & CS Operation
Chad Ovel - Partner
Private English Language Schools - Chief Executive Officer
Rick Reid - Creative Director
Janine Katzberg - Projects Director
Anya Nipper - Project Coordination Director
Dr. Jean-Marcel Guillon - Chief Executive Officer
Joyce - Pricing Manager
Matt Thwaites - Commercial Director
Aashish Kapoor - Head of Marketing
Kelly Vo - Founder & Host
Thanyachat Auttanukune - Board of Management
Hamish Glendinning - Business Lead
Thuy Le - Consumer Insight Manager
Richard Willis - Director
Ha Dinh - Project Lead
Geert Heestermans - Marketing Director
Louise Knox - Consumer Technical Insights
Aimee Shear - Senior Research Executive
Dennis Kurnia - Head of Consumer Insights
Tania Desela - Senior Product Manager
Thu Phung - CTI Manager
Linda Yeoh - CMI Manager
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Cimigo provides a range of consumer marketing trends and market research on market sectors and consumer segments in Vietnam and Indonesia.
Cimigo provides a range of free market research reports on market sectors and consumer segments in Vietnam and Indonesia.