Vietnam Consumer Trends 2021
A presentation from Cimigo market research on Vietnam Consumer Trends 2021. Cimigo assess the impact of COVID on consumer trends in Vietnam during 2021. Discover the economic, social and consumer impact.
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- 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.
- National pride has been propelled further by Covid management.
- Covid has accelerated the emphasis on healthy lifestyles, sports, food and beverages.
- 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.
- 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 2040s.
- The speed of change will accelerate through to 2030.
- Sector-wide tech adoption will continue to leapfrog the development paths followed by mature markets.
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Thuy Le - Consumer Insight Manager
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Louise Knox - Consumer Technical Insights
Aimee Shear - Senior Research Executive
Dennis Kurnia - Head of Consumer Insights
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