{"id":874,"date":"2016-04-14T08:55:48","date_gmt":"2016-04-14T01:55:48","guid":{"rendered":"http:\/\/blog.cimigo.com\/?p=874"},"modified":"2023-10-17T14:39:48","modified_gmt":"2023-10-17T07:39:48","slug":"vietnam-consumer-market-trends-2016","status":"publish","type":"post","link":"https:\/\/staging.cimigo.com\/en\/trends\/vietnam-consumer-market-trends-2016\/","title":{"rendered":"Vietnam consumer market trends 2016"},"content":{"rendered":"

Market research company\u00a0Cimigo\u00a0<\/a>reports on the Vietnam consumer market trends 2016. The report was presented at the\u00a0Vietnam Market Research Trends 2016<\/a>\u00a0organised by\u00a0M2 \u2013 Marketing & Media Network<\/a>. The report can be downloaded\u00a0here<\/a>. The transformation of Vietnam between 2005 and 2015 demonstrates the rapidly changing\u00a0consumer marketing environment. The report highlights the ten Vietnam consumer market trends in 2016, impacting the purchase priorities of consumers in Vietnam.<\/p>\n

10 Vietnam consumer market trends 2016 impacting purchase priorities<\/h1>\n

1. High income households double in 10 years in Vietnam.
\n2. Life stages in Vietnam are maturing. Kids are less influential in determining purchase priorities.
\n3. The rise of new retail chasing share before profits in Vietnam.
\n4. The rise beer clubs, cafes and casual fast service restaurant chains grow in Vietnam.
\n5. Health consciousness in Vietnam translates into action and spend.
\n6. Conspicuous consumption has always been mobile in Vietnam.
\n7. Keeping up with the Nguyen\u2019s with consumer finance in Vietnam.
\n8. Self expression immediacy in Vietnam.
\n9. Mobile drives internet penetration and habits in Vietnam.
\n10. Consumers in Vietnam shift from brand ownership to new experiences.<\/p>\n

High income households double in 10 years in Vietnam<\/h2>\n

\"High<\/p>\n

The first of the Vietnam consumer market trends 2016 is the rise in purchase power. Over the past 10 years Vietnam has experienced rapid\u00a0economic development. The number of high income households earning over US$500 per month per household, has risen from 1.8 million to over 4 million.<\/p>\n

The Vietnam economy tripled in size over\u00a010 years<\/strong><\/p>\n

Over the same period the size of the Vietnam economy has nearly tripled to USD175 billion. With population growth at\u00a0just under 10% Vietnam\u2019s population is now just over 91 million. Gross domestic product (GDP) per capita is now at US$1,923 per person.<\/p>\n

Vietnam advertising expenditure grew nearly 600% in 10 years<\/strong><\/p>\n

Advertising expenditure in Vietnam grew 579% from US$280 million in 2005 to a US$1.93 billion in 2015. TV is still king dominating spend at over 75% of all spend. Digital advertising expenditure whilst the fastest growing is only at estimated US$62 million. Advertising has grown far faster then the economy, this is only in minor part owing media inflation, the vast majority of the increase, represents increasing numbers of brands scrambling for a voice and the rise of domestic companies (especially in foods, beverages and healthcare) embracing the consumer economy in Vietnam.<\/p>\n

Life stages in Vietnam are maturing<\/h2>\n

\"Life<\/p>\n

The second of the Vietnam consumer market trends 2016, is the maturing of life stages. Vietnam\u2019s\u00a0population by life stage has under gone a major transformation in between 2005 and 2015. \u00a0Young singles, young married couples\u00a0with no children and young married couples with a child less than 10 years of age have all declined in absolute numbers. Vietnam\u2019s population and household structures are changing by life stage, with children\u2019s pester power having a declining influence\u00a0on household purchase priorities.<\/p>\n

The life stage with the strongest growth is old and single having growth of 74% over 2005 to just over 10 million people. \u00a0Empty nester\u2019s, where the children have grown up and left home, have increased 63% and those married with the youngest child aged more than 9 and less than 20 have increased by 36%. \u00a0 These changes in Vietnam\u2019s population life stages have a strong impact on purchase priorities, children receive a disproportionate focus in household spend as parents seek to leverage\u00a0opportunities for their children, that they feel they themselves missed out on. \u00a0This has an impact on baby care, infant milk formula, children\u2019s beverages and snacks and off course larger ticket items including education, insurance and tourism.<\/p>\n

Vietnam\u2019s population by life stage will have changed radically by 2025 with fewer than\u00a030 million people being in the empty\u00a0nester and old single life stages. \u00a0This demographic shift in Vietnam will see a population with 33 million young singles, nearly 14 million empty nester\u2019s and just over 16 million old singles.<\/p>\n

Kids are less influential in determining purchase\u00a0priorities<\/strong><\/p>\n

Ponder the fact that in 2005 one third of households had no dependent children. In 2015 44% of households had no children and by 2025 nearly 60% of households will have no dependent children. \u00a0The shopping basket (or perhaps delivery box) will look vastly different than today with major implications for consumer goods and a huge potential opportunity for services in Vietnam.<\/p>\n

The rise of new retail chasing share before profits in Vietnam<\/h2>\n

\"The<\/p>\n

The third of the Vietnam consumer market trends 2016 is the\u00a0rise in modern and convenient retail.<\/p>\n

Supermarkets and shopping mall expansion in\u00a0Vietnam<\/strong><\/p>\n

The number of supermarkets in Vietnam has risen form 47 in 2005 to 975 today.<\/p>\n

Following on the tails of early entrants\u00a0Diamond Plaza\u00a0<\/a>(opened in 1999) and\u00a0Parkson<\/a>\u00a0(opened first mall in 2005 and has 8 as of December 2015),\u00a0shopping malls are on the rise, lead by the exponential expansion of\u00a0Vincom<\/a> shopping centres,\u00a0with 19 centres in 2015 and many more in the\u00a0pipeline. Private equity firm\u00a0Warburg Pincus<\/a>, which has\u00a0invested a total of $300 million<\/a>\u00a0in\u00a0Vincom Retail<\/a>\u00a0of\u00a0Vingroup<\/a>\u00a0to for their mall, mini mart and e-commerce expansion.\u00a0Foreign entrants\u00a0Lotte<\/a>,\u00a0Robins<\/a>,\u00a0Aeon\u00a0<\/a>and\u00a0Emart<\/a>\u00a0all opened new malls in 2015.<\/p>\n

Modern self service convenience\u00a0accelerates in Vietnam<\/strong><\/p>\n

In 2005 there were 135 modern self service stores, mostly independently owned and managed. Today there are over 1,800 modern self service stores, mostly part of chains after an intense year of merger and acquisitions in Vietnam retail industry. \u00a0To the casual observer\u00a0the rise is modern self service stores in Vietnam is\u00a0anecdotal evidence of the rise in Vietnam\u2019s middle class. \u00a0In reality the vast majority of this new modern convenient retail is excess investments funding a race to capture future exit (or listing) valuations, a long play and for many, a high stakes gamble. Local operators include\u00a0VinMart+<\/a>\u00a0and \u00a0B\u2019s Mart<\/a>\u00a0and foreign operators\u00a0such as\u00a0Circle K<\/a>, Shop&Go<\/a>,\u00a0FamilyMart<\/a>\u00a0and\u00a0Aeon Citimart.<\/a>\u00a0Yet there are still more to come in 2016, with the imminent entry of both\u00a0Seven Eleven<\/a>\u00a0and AuchanSuper<\/a>.<\/p>\n

These numbers refer to modern (well lit, with aisles and air conditioning) and self service (shoppers may browse, select and pay at the counter) and include mini marts and convenience stores. However the most are not operating at a profit and are investing in a future that is less than certain, with a race to dominate retail space and are currently\u00a0buying market share.<\/p>\n

Despite the rise in modern self service retail outlets there are been no growth in modern trades contribution to grocery retail sales, which remains dominated by traditional trade (traditional trade still contributes over 80% of general grocery sales now as it did\u00a0in 2005). Most traffic at convenience stores\u00a0is dominated by students and first jobbers, using them as on premise snacking venues (with the advantage of air conditioning and wifi).<\/p>\n

Consumer shopping behaviour in Vietnam<\/strong><\/p>\n

As in 2005, in 2015 traditional grocery stores still count\u00a0for over 80% of grocery sales. Despite all the new modern trade stores, the modern trade contribution to retail sales in Vietnam has not shifted. \u00a0The convenience store operators are inhibited by ingrained consumer shopping behaviour in Vietnam where the traditional grocery trade involves four\u00a0critical factors. Firstly, traditional grocery is ubiquitous and\u00a0hence extremely\u00a0convenient. Secondly, household purchasers maintain long term and trusting relationships with sellers who are the owner and operator\u00a0(and often their own landlord) at these stores. Thirdly, the diet in Vietnam is fresh food based and therefore shopping trips for food stuffs are daily and this shopping basket in Vietnam is predominantly fresh food produce (unavailable at convenient stores and a limited\u00a0choice at mini marts). Fourthly, most shoppers\u00a0do not need to get off their motorbike when visiting their traditional neighbourhood grocery store, which is hard to beat for convenience!<\/p>\n

The rise of e-commerce in\u00a0Vietnam<\/strong><\/p>\n

E-commerce\u00a0represents yet another false economy for many casual observers. \u00a0In 2005 e-commerce was essentially scratch cards used to extreme profitably for internet games at internet cafes. \u00a0Despite Vietnam being a cash payment economy in 2015 there are over 20 e-payment and e-cash service providers\u00a0fighting for domination in Vietnam\u2019s e-commerce market servicing over 50,000 e-commerce sites. \u00a0The race here is on for transaction volumes to attract funding;\u00a0successful for some<\/a>\u00a0such as\u00a0Momo<\/a>.<\/p>\n

Online shopping is strongest for\u00a0gaming, utilities, mobile top up, fast fashion, travel, health supplements and household appliances to date.\u00a0Despite the hype most of the e-commerce platforms are burning through investor\u2019s funding\u00a0whilst subsidising discounted prices as they\u00a0buy\u00a0market share, transaction volume growth and ultimately more investment funds.<\/p>\n

The latest evidence is the owners of\u00a0Lazada\u00a0<\/a>and\u00a0Zalora<\/a>\u00a0and selling to\u00a0Alibaba\u00a0<\/a>as the latter\u00a0dives into South East Asia<\/a>. In Vietnam where cash dominates payments, these\u00a0platforms provide\u00a0the\u00a0extreme convenience of cash on delivery eliminating any shopper risk in online shopping and inhibiting any benefits from and the move to e-payments.<\/p>\n

The only winners in this race are Vietnamese online shoppers, the few investors lucky enough to realise a return will likely find it from other investors, ultimately very few online shopping platforms will realise an operating success.<\/p>\n

The rise beer clubs, cafes and casual fast service restaurant chains grow in\u00a0Vietnam<\/h1>\n

\"The<\/p>\n

The fourth of the Vietnam consumer market trends 2016 is the growth in coffee, beer and fast service restaurant chains.<\/p>\n

Beer clubs proliferate, per capita consumption reaches\u00a036.75 litres per person in 2015<\/strong><\/p>\n

Beer clubs such as\u00a0Vuvuzela (14 beer clubs<\/a>\u00a0from\u00a0Golden Gate Group<\/a>), Fox Beer Club, Beer Club V and a plethora of similar venues have been\u00a0in\u00a0<\/em>places for the past few years.<\/p>\n

Branded cafe chains growth\u00a0in Vietnam<\/strong><\/p>\n

Branded cafe chains have followed on the success of\u00a0Highlands Coffee<\/a>\u00a0\u00a0(98 outlets in Vietnam\u00a0initially built by\u00a0Viet Thai\u00a0International Company<\/a>\u00a0and now owned by\u00a0Jollibee Foods Corp<\/a>) and\u00a0Trung Nguyen<\/a>\u00a0with over 1000 outlets but without a consistent chain environment nor service. International brands now include;\u00a0Starbucks\u00a0<\/a>(19 outlets by\u00a0Maxims<\/a>), \u00a0Coffee Bean and Tea Leaf<\/a>\u00a0(16 outlets),\u00a0MOF<\/a>\u00a0(9 outlets),\u00a0Angel-in-us Coffee\u00a0<\/a>(5 outlets by\u00a0Lotte Group<\/a>),\u00a0NYDC<\/a>\u00a0(5 outlets),\u00a0Cafe Benne<\/a>\u00a0(5 outlets) and\u00a0Gloria Jean\u2019s<\/a>\u00a0(3 outlets) and\u00a0new entrant<\/a>\u00a0Holly\u2019s Coffee<\/a>\u00a0(2 outlets).<\/p>\n

The rise is not only foreign brands but local brands such as vertically integrated\u00a0Phuc Long Cafe<\/a>\u00a0(14 outlets),\u00a0Coffee House<\/a>\u00a0(10 outlets by\u00a0Seedcom<\/a>) and the\u00a0Coffee Factory<\/a>\u00a0(3 outlets). \u00a0Other rapidly expanding chains include\u00a0Urban\u00a0Station<\/a>\u00a0(33 outlets),\u00a0Passio Coffee\u00a0<\/a>(20 outlets) and\u00a0Our\u00a0\u00a0Matcha and Cafe<\/a>\u00a0(4 outlets).<\/p>\n

Bubble tea<\/a>\u00a0is on the rise at menus in many of the aforementioned\u00a0cafes, especially\u00a0Phuc Long Cafe<\/a>\u00a0but bubble tea chains are also on the rise with the likes of Chattime (2 outlets), Tien Huong (2 outlets) and Hot & Cold (1 outlet).<\/p>\n

Branded fast service restaurants and casual dining chains grow in Vietnam<\/strong><\/p>\n

Asian casual dining and fast service restaurants\u00a0have been on the rise since the early\u00a0franchiser\u00a0Pho 24\u00a0<\/a>\u00a0(71 outlets \u2013 acquired \u00a0in 2013 by\u00a0Viet Thai International Compan<\/a>y and\u00a0Jollibee Foods Corp<\/a>)\u00a0took the market by storm.\u00a0Banh Mi Que<\/a>\u00a0Tam (95\u00a0outlets) quietly leads the way on store counts.\u00a0Mon Hue<\/a>\u00a0(60 outlets),\u00a0Pho Ong Hung<\/a>\u00a0(33 outlets),\u00a0Com Tho Chay<\/a>\u00a0(13 outlets \u2013 previously branded Com Express) all from\u00a0Huy Vietnam Group Limited<\/a>\u00a0 which has 112 restaurants under 4 brands and\u00a0raised US$15 millio<\/a>n in 2015 for further expansion.\u00a0Kichi Kichi<\/a>\u00a0(22 outlets) from\u00a0Golden Gate Group<\/a>,\u00a0which has developed 150 restaurants across 19 concepts since 2005.\u00a0Wrap and Roll<\/a>\u00a0(10 outlets) looks set to expand further in 2016.<\/p>\n

Western casual dining\u00a0and fast service restaurants continue to proliferate since early\u00a0entrant KFC (opening their first outlet in 1997, in 2015 KFC had 128 outlets by\u00a0Yum! Brands Inc<\/a>\u00a0and\u00a0Jardine Pacific<\/a>). \u00a0Joining the fray are\u00a0Lotteria<\/a>\u00a0(195\u00a0outlets by \u00a0Lotte Group<\/a>),\u00a0Jollibee\u00a0<\/a>(60 outlets by\u00a0Jollibee Foods Corp<\/a>),\u00a0Pizza Hut<\/a>\u00a0(54\u00a0outlets by Yum! Brands Inc<\/a>\u00a0and\u00a0Jardine Pacific<\/a>),\u00a0Domino\u2019s Pizza<\/a>\u00a0(24 outlets),\u00a0Popeyes\u00a0<\/a>(16 outlets ),\u00a0Burger King\u00a0<\/a>(13 outlets by Imex Pan Pacific),\u00a0McDonald\u2019s\u00a0<\/a>(8 outlets by Good Day Hospitality),\u00a0Subway\u00a0<\/a>(6 outlets) and\u00a0Carl\u2019s Jr<\/a>\u00a0(3 outlets).<\/p>\n

Al Frescos Group<\/a>\u00a0has 31 outlets across 7\u00a0brands today including; \u00a0Al Frescos<\/a>\u00a0(11 outlets),\u00a0Pepperonis\u00a0<\/a>(13 outlets) and\u00a0Jaspas\u00a0<\/a>(3 outlets). L Concepts (The Longfort Group, Malaysia) plans to\u00a0open the\u00a0Sizzlin\u2019 Steak chain<\/a>\u00a0one of many casual dining brands from the Manila\u00a0based\u00a0Max Group Inc.\u2019s<\/a>. \u00a0Following their acquisition \u00a0of L\u2019Usine<\/a>\u00a0in 2015, yet another high end cafe and casual dining environment will be expanding sites.<\/p>\n

Even ice cream joins the rise of branded chains with\u00a0Baskin Robbins<\/a>\u00a0(24 outlets),\u00a0Bud\u2019s Ice Cream<\/a>\u00a0(20\u00a0outlets),Swensen\u2019s\u00a0<\/a>(7 outlets) and\u00a0Haagen-Dazs\u00a0<\/a>(2 outlets) with more to come as TNC Holdings are\u00a0launching<\/a>\u00a0Cold Stone Creamery\u00a0<\/a>in Vietnam in 2016. \u00a0Chain\u00a0bakeries have emerged with Fresh Garden<\/a> (32 outlets),\u00a0Dunkin Donuts<\/a><\/u> (16 outlets),\u00a0BreadTalk<\/a>\u00a0(15 outlets) and\u00a0Tours les Jours\u00a0<\/a>(12 outlets).<\/p>\n

The rise of modern chains has changed the shape of Vietnam\u2019s retail environment and the rental market. They are set to continue to rise with property\u00a0development and increased interest from private equity groups.<\/p>\n

Health consciousness in Vietnam translates into action and spend<\/h1>\n

\"Health<\/p>\n

The fifth\u00a0of the Vietnam consumer market trends 2016 is increased health consciousness and spend.\u00a0In 2005 consumers in Vietnam ranked health as a top concern (behind their job and the economy). It remains the\u00a0same in 2015. However in these health concerns had\u00a0superficial misguided consumer\u00a0reactions, for example consuming cleansing and detoxifying beverages such as\u00a00 Degrees<\/a>\u00a0(an inner cooling and purification positioned\u00a0beverage from\u00a0THP<\/a>) launched in 2006, which in fact contained very little green team and is mostly sugared water.<\/p>\n

Fast forward to 2015 and as\u00a0Cimigo\u00a0<\/a>noted in the\u00a0Consumer healthcare trends in Vietnam, Asia report<\/a>\u00a0the use of traditional remedies and supplements as exploded. \u00a0 Vietnam is seeing\u00a0exponential growth in health supplements and healthcare spend, consider that outbound overseas medical tourism reached\u00a0US$2 billion spend by consumers<\/a>\u00a0from Vietnam in 2015.<\/p>\n

Food safety concerns have only increased over 2005 and remain very topical today, leading to new investments to address consumer fears.\u00a0VinGroup\u2019s Vineco\u00a0<\/a>has invested\u00a0US$44 million in hygienic fresh vegetable production<\/a> to supply its own Vinmart mini markets with fresh safe local produce.<\/p>\n

Branded chains in gyms, health and beauty retail and pharmacies\u00a0emerging in Vietnam<\/strong><\/p>\n

Branded chains are emerging with over 100 branded gyms now available to capture value from these healthy lifestyles. Beauty and healthcare\u00a0chains are on the rise with\u00a0GNC<\/a>\u00a0(11 outlets),\u00a0Medicare\u00a0<\/a>(41 outlets)\u00a0and Guardian<\/a>\u00a0(37 outlets) amongst those expanding. Pharmaceutical retail has reacted with a largely disorganised sector becoming gradually organised with the rise of chains (several of whom are vertically integrated) such as\u00a0Phano<\/a>\u00a0(51 outlets),\u00a0Pharmacity<\/a>\u00a0(31 outlets),\u00a0My Chau<\/a>\u00a0(7 outlets),\u00a0Indochina -Dong Duong<\/a>\u00a0(5 outlets) and\u00a0Eco<\/a>\u00a0(2 outlets). Healthcare is one category\u00a0growing strongly for e-commerce with sites such as\u00a0Pharmacy Supermarket<\/a>.<\/p>\n

Conspicuous consumption has always been mobile in Vietnam<\/h1>\n

\"Conspicuous<\/p>\n

The sixth\u00a0of the Vietnam consumer market trends 2016 is in status driven conspicuous consumption.\u00a0In 2005\u00a0conspicuous consumption was most obvious and mobile in the motorbike that one drove. In 2005\u00a0The Gioi Di Dong<\/a>\u00a0(Mobile World) opened their fourth store, today they have 600\u00a0stores. \u00a0Other mobile phone retail chains include\u00a0FPT\u00a0<\/a>(290 outlets), Viettel\u00a0<\/a>(285 outlets) and\u00a0Viet Thong A<\/a>\u00a0(193 outlets). \u00a0The replacement cycle has shortened dramatically as mobile phones become the new signal for social status.<\/p>\n

Keeping up with the Nguyen\u2019s with consumer finance in Vietnam<\/h1>\n

\"Keeping<\/p>\n

The seventh\u00a0of the Vietnam consumer market trends 2016 is the rise of consumer finance for consumers in Vietnam.\u00a0In 2005, 6,000 new apartments sold in Vietnam according to\u00a0CBRE<\/a>. In 2015, 36,000 new apartments were sold. \u00a0 In 2005 just over\u00a025,000 new passenger cars were sold, in 2015 just over 125,000 new passenger cars were sold. Consumer finance in Vietnam reached 3.6% of GDP in 2005 at\u00a0US$1.6 billion in consumer loans, in 2015 it is an estimated 9% of GDP at US$16 billion.<\/p>\n

Consumer finance\u00a0companies with their quick approval processes for unsecured loans have fueled the growth in consumer financing. Home & improvements account for approximately 40%, home appliances and\u00a0electronics 30% and motorbikes and cars 15%. \u00a0Look at a new apartment, a motorbike showroom or browse a\u00a0mobile phone or home appliances store and there will always be several competing consumer finance agents, ready to sign up the consumer in Vietnam with financing. \u00a0Keeping up with the Nguyen\u2019s is made far easier with this easy access to unsecured consumer finance.<\/p>\n

Self expression immediacy in Vietnam<\/h1>\n

\"Self<\/p>\n

The eighth\u00a0of the Vietnam consumer market trends 2016 is the rise of social networks for self expression. In 2005 self expression was strongest on the now defunct Yahoo blogs, singing ballads at karaoke and football mania to rival the\u00a0best British\u00a0football fan. \u00a0In 2015, as this previous post noted on\u00a0Online, mobile, social media in Vietnam Asia<\/a>\u00a0the growth in internet, social media and instant messaging applications is enabling\u00a035 million consumers in Vietnam to post emoticons, stickers, selfies and status updates.<\/p>\n

Mobile drives internet penetration and habits in Vietnam<\/h1>\n

\"Mobile<\/p>\n

The ninth\u00a0of the Vietnam consumer market trends 2016 is the changes in media consumption as mobile drives internet penetration and mobile, video and over the top TV streaming converge.<\/p>\n

Nationally 48% of the population is\u00a0accessing the internet in 2015. \u00a0Frequent online access (in the past 7 days) is far higher in urban areas having reached\u00a072% by December 2015. \u00a0In contrast many rural consumers remain without online access\u00a0or access infrequently, only 20% are regularly accessing the internet. Mobile penetration is increasing access for rural consumers as rural penetration of mobile smartphones increases.<\/p>\n

Mobile phone penetration including smartphones has reached 69% nationally amongst those aged 15 years or more. Smartphone (included within the latter statistic) penetration has reached 28% of those aged 15 years or more. Mobile access to the internet is changing the habits amongst online consumers in Vietnam and is successfully increasing penetration for two key consumer groups; consumers in rural areas and consumers aged\u00a0over 35 years. For many consumers in Vietnam their first online experience is via mobile, having leapfrogged other devices.<\/p>\n

Online mobile page views are growing exponentially and as at the end of 2015 accounted for 1 in 4 page views. \u00a0The implication for brands and their digital marketing teams are discussed in more detail here\u00a0Online, mobile, social media in Vietnam Asia<\/a>. \u00a0Further evidence of the rise on smartphones is found in the growth of\u00a0mobile app downloads which grew by 60% in 2015<\/a>.<\/p>\n

\"Vietnam<\/p>\n

Fragmented opportunities as mobile, video and OTT\u00a0TV converge in Vietnam<\/strong><\/p>\n

\"Fragmented<\/p>\n

Mobile audiences for video streaming are growing exponentially. \u00a0\u00a0The convergence of video and mobile, which when married with local media content and efficient streaming, will reap huge rewards. \u00a0The next technology race for active users of mobile native applications in Vietnam will be the streaming of online video to mobile smartphones.<\/p>\n

Experience in China demonstrates the massive revenue opportunity waiting to be grabbed for the winner of this battle. \u00a0Digital brand marketing teams in\u00a0Vietnam\u00a0<\/strong>will have to brace themselves for the winners of the real estate battle for chatting and video streaming native applications. Social media promotion in Vietnam remains inexpensive.\u00a0 New dominant players in chatting and video mobile applications will be the omnipresent media channels to directly communicate with consumers. Soon the winners will be start to monetise and generate significant revenue from brands to access these consumers.<\/p>\n

Watch out for\u00a0Clip<\/a>\u00a0which has an abundance of\u00a0local video on demand content and is closest you can come to a local YouTube in Vietnam.\u00a0Other over the top (OTT) channels to watch include established telecommunications firms\u00a0FPTplay\u00a0<\/a>(FPT), \u00a0NetTV\u00a0<\/a>(Viettel) \u00a0MyTV\u00a0\u00a0<\/a>(VNPT) and new entrants\u00a0Fim+<\/a>\u00a0and\u00a0Netflix<\/a>,\u00a0which may be limited by a focus on\u00a0Hollywood content.<\/p>\n

Consumers in Vietnam shift from brand ownership to new experiences<\/h1>\n

\"consumer<\/p>\n

The tenth of the Vietnam consumer market trends 2016 is the shift in consumer fulfillment from the ownership of brands to new experiences; particularly experiences which can be socially validated and shared to provide a sense of actualisation. In 2005 consumers in Vietnam were bombarded with new consumer packaged brands. Opportunities to use these new brands gave consumers a sense of fulfillment; of catching up with the consumer world seen overseas on TV.<\/p>\n

Today the urban and more affluent consumer in Vietnam finds fulfillment and a sense of accomplishment through their shared experiences. That may be trying the new retail environments discussed herein, enjoying a gym membership, rock wall climbing, experiencing the delights of modern cinema or travelling independently.<\/p>\n

Leisure travel and tourism habits provide a great example of this shift. In 2005 a traveller in Vietnam was likely to travel domestically in groups and the lucky few who travelled overseas would typically do so on tour group packages. As Cimigo\u2019s Insights to Travellers<\/a> report indicates, travel habits have changed dramatically with many urban consumers having experienced international leisure travel, where independent travel accounts for nearly half of these travellers\u2019 experiences.<\/p>\n

Garnering involvement and excitement with new packaged brand launches a has become far harder, as consumers shift purchase priorities to enjoying and sharing new experiences.<\/p>\n

10 Vietnam consumer market trends 2016 impacting purchase priorities<\/h1>\n

1. High income households double in 10 years in Vietnam.
\n2. Life stages in Vietnam are maturing. Kids are less influential in determining purchase priorities.
\n3. The rise of new retail chasing share before profits in Vietnam.
\n4. The rise beer clubs, cafes and casual fast service restaurant chains grow in Vietnam.
\n5. Health consciousness in Vietnam translates into action and spend.
\n6. Conspicuous consumption has always been mobile in Vietnam.
\n7. Keeping up with the Nguyen\u2019s with consumer finance in Vietnam.
\n8. Self expression immediacy in Vietnam.
\n9. Mobile drives internet penetration and habits in Vietnam.
\n10. Consumers in Vietnam shift from brand ownership to new experiences.<\/p>\n

More hot consumer market research trends Vietnam\u00a0Asia<\/strong><\/p>\n

Cimigo<\/a>, a\u00a0market research agency Vietnam,\u00a0Asia\u00a0presents the latest consumer trends.<\/p>\n","protected":false},"excerpt":{"rendered":"

Market research company\u00a0Cimigo\u00a0reports on the Vietnam consumer market trends 2016. The report was presented at the\u00a0Vietnam Market Research Trends 2016\u00a0organised by\u00a0M2 \u2013 Marketing & Media Network. The report can be downloaded\u00a0here. The transformation of Vietnam between 2005 and 2015 demonstrates the rapidly changing\u00a0consumer marketing environment. The report highlights the ten Vietnam consumer market trends in […]<\/p>\n","protected":false},"author":1,"featured_media":17568,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[476],"tags":[482,570],"class_list":["post-874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-research-vietnam","tag-vietnam-consumer-marketing-trends","tag-vietnam-market-research"],"acf":[],"yoast_head":"\nVietnam consumer market trends 2016 | Cimigo market research - Market research Vietnam Indonesia<\/title>\n<meta name=\"description\" content=\"The report highlights the ten Vietnam consumer market trends in 2016, impacting the purchase priorities of consumers in Vietnam.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vietnam consumer market trends 2016 | Cimigo market research - 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