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According to Euromonitor, 13 million of the Vietnamese population will be aged 65+ in 2030 and their purchasing power is set to grow the fastest among all age groups, by 5 per cent per year on average between 2018 and 2030.
“Older consumers feel, behave, and want to be treated as they were younger. They want branding to focus more on needs, interests, and values that include consumer experience, convenience, authenticity, and novelty,” says An Hodgson, income and expenditure research manager at Euromonitor. “Businesses that adopt more universal strategies rather than being age labels can effectively win ageing consumers while also appealing to younger consumers,” she added.
In 2030, Vietnam will be the fifth largest economy in Southeast Asia where 50 per cent of the households will have an annual disposable income between $5,000 $15,000. Representing an increase of 34 per cent from 2018, Vietnamese middle class consumers are aspirational, brand aware, and price conscious. Although the population is price sensitive, the willingness to pay premium for branded products deemed to be healthier or better-quality sits among the consumers.
Furthermore, internet retail is set to double its market size and to reach $5 billion by 2023. While online shopping is not yet prevalent in Vietnam, brands and retailers should stay ahead of e-commerce.