A shift in population 4. Soft power today is about a sum of perceptions . There will be 17 million middle class households in 2030, according to the company's research. Vietnam is one of the most dynamic emerging markets in Southeast Asia. Vietnam's disposable income per capita is expected to grow quickly and reach USD 3,062 in 2023. The country's economy is mainly driven by manufacturing sectors' export and domestic consumption. Higher growth in consumer and capital spending, combined with a robust external sector, should boost activity in 2022. FMCG growth by category Besides necessities, consumers allocate more of their FMCG spending on Beverages and Personal Care products GDP is projected to grow at the fastest rate in the region this year, following 2021's relatively weak expansion. Trade - Service Oct 07, 2021 / 09:11 Vietnam's consumer spending set to grow by 4% in 2021 Hai Yen The shopping season during the year-end festivals could lead to higher consumer spending, which in turn serves as a driving force for growth in the remainder of the year. However, their spending habits have changed. Between 2010 and 2015 total spending fell in more than two-thirds of countries surveyed, as belts tightened . Government Spending in Vietnam increased to 422452 VND Billion in 2020 from 390050.63 VND Billion in 2019. The continued relaxing of restrictions helped to bolster activity in the quarter. Vietnam is an attractive retail market In the 2014 survey, 74 percent of Vietnamese said they would save money after covering essential living expenses. . Vietnam consumer spending for 2017 was $152.25B, a 8.2% increase from 2016. $1,555.00 Consumer spending in Vietnam will post solid growth over 2022, after two years of Covid-related slowdowns. 2009 versus 2010 2. Vietnam ranks the fifth most optimistic country globally with an index score of 117 in the latest Consumer Confidence Index released by Nielsen, its highest score in the past five years and up . Results of a survey on Vietnamese consumer behavior by McKinsey & Company show that Vietnamese are among the most optimistic consumers in Asia. A recovery in consumer spending in Vietnam this year is in line with the agency's forecast that the country's economy will grow by a real rate of 8.6% year-on-year over 2021, a strengthening on the estimated 2.9% year-on-year growth in 2020. We now believe COVID-19 will reduce Vietnam's GDP growth by 3%pts this year. Record-high levels of consumer spending are predicted to drive continued growth in the sector over the next several years, attracting a slew of new banks and foreign investors. About the database. All three drivers of consumer confidence - job prospects, personal finances, and spending intentions witnessed significant declines (-5pp - percentage point - and -4pp, -7pp respectively). Consumers in urban four key cities, Hà Nội, HCM City, Đà Nẵng, and Cần Thơ, showed a tendency to stock up three groups of categories. They will spend 84% on fresh foods and 70% on packaged foods. Persona 1: Van As an early career professional in the 25-29 age group, Van has a lower mid-level monthly income of VND 9-14 million. Rebound in consumer spending and growth in net exports will drive economic growth, it said. However, the threat of further outbreaks of new Covid-19 variants clouds the outlook . Therefore, during the period of COVID-19 spread, the domestic consumption helped cushion damages done due to the . Government Spending in Vietnam averaged 120047.52 VND Billion from 1990 until 2020, reaching an all time high of 422452 VND Billion in 2020 and a record low of 3164 VND Billion in 1990. According to the Deloitte survey, consumer spending will have a different pattern. Consumer Caring Strategies as One of the Keys to Win Online & Offline Shoppers in Adversity. Vietnam consumer spending for 2020 was $185.37B, a 3.83% increase from 2019. Vietnam's consumer spending rises despite Covid-19. A population of more than 96 million - 70 percent of whom are under the age of 35 - experiencing rapid and continuing growth in discretionary income has fueled a consumer spending boom that is expected to continue well into . The Vietnam consumer behavior possesses supportive characteristics and composition positively curbed to the well-being of the economy. Most optimistic consumers. A population of more than 96 million - 70% of whom are under the age of 35 . Global financial services provider Fitch Solutions reported Vietnam's spending on essential goods, such as food and non-alcoholic beverages, housing and utilities, is estimated to grow between 8 . In September 2015, Decision Lab conducted a market research of Gen Z's consumer habits and preferences. After the outbreak of COVID-19, commonly referred to as coronavirus, there were winning and losing sectors in terms of consumer expenditure. Electronic sales and cross-border spending key to Vietnam's e-commerce growth Consumer electronics are the most-purchased e-commerce category, accounting for 33.6 percent of sales. In 2000, less than 10 percent of Vietnam's population were members of the consuming class, which has risen to 40 percent today. Vietnam's consumer spending rises despite Covid-19. HONG KONG, May 11, 2022 /PRNewswire/ -- 84 local enterprises are recognised at GS1 Hong Kong's 11 th Consumer Caring Scheme (the Scheme) this year. Consumer attitudes also align with first-quarter economic signals, as the unemployment rate was at 3.6% as of March 2022 (down from 6% in March 2021), and the Conference Board's Present Situation Index—which reflects consumer sentiment about the business and labor market—was at 153 in March, up 10 points from February. Income shortfalls derail premiumisation of . divinity original sin 2 definitive edition rogue build. Average consumer spending Others, 50 Send Money, 50 Entertainment, 50 30 Clothes, 40 Light / Elec, 30 Housing, 60 Food, 80 450 400 350 300 250 200 150 100 50 0 390 USD Communication / transportation Estimation based on the average calculation 5. Background. Compared to the last quarter of 2019, Vietnam consumer confidence remains stable with 1 point increase, from 125 to 126. finances and spending readiness drove the decline in Vietnam's consumer confidence this quarter. COVID-19's Economic Impact on Vietnam Intensifies Summary • Vietnam's Government intensified public health measures to combat COVID-19 last week, prompting us to cut our 2020 Vietnam GDP growth forecast from 5% to 4%. Rising real wages coupled with low inflation are sustaining healthy consumer spending in Vietnam with Q2 2017 consumer confidence at a 5-year high 2. Market research on consumer products, commercial industries, demographics trends and consumer lifestyles in Vietnam. More detailed data, including data by product/service and categories of products/services, can be viewed and exported from the "Detailed tables, charts and technical notes" section. HO CHI MINH CITY -- Vietnam's consumer . Consumer spending in Vietnam will post solid growth over 2022, after two years of Covid-related slowdowns. This generation of consumers wields immense spending power: they are estimated to make up 25 percent of the labor force, amounting to 15 million people, in Vietnam. The share of web traffic by devices in slide 28 gives us detailed information about how mobile development can promote Vietnamese spending time online more than before. 3 This is a major change. Vietnam's consumer spending set to grow by 4% in 2021. The main reasons for this slight increase are consumer optimism about Job prospects improved (+2pp - percentage point), while optimism about Personal finances and Spending intentions remained stable (+0pp and -1pp respectively). Vietnam has seen a rapid increase in total consumer spending from US$ 80 billion to US$ 171 billion between 2010-2018. Total retail sales of consumer goods and services in Vietnam reached an estimated VND5,059.8 trillion (US$219.53 billion) in 2020, up 2.6% against last year, according to the General Statistics Office (GSO). Rising urban stress Urbanisation accelerates the pace of life in Vietnam. Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. In this regard Vietnam is not alone in the world. A spinoff of the Cement Finance Joint Stock Company, VietCredit has positioned itself to . However, reflecting the strong degree of confidence that Vietnam will overcome this fourth wave, 44% predict that the financial situation will be better in the next six months, with a further 34% predicting stabilization. The improved forecast outlook for consumer spending in Vietnam in 2021 is in line with its forecast that the Vietnamese economy will grow by a real rate of 8.2% year-on-year over 2021 accelerating from an estimated growth rate of 2.6% over 2020. Together with positive GDP growth, the private consumption expenditure in Vietnam had been. The private consumption rate is also high, more than 67% of the GDP. Photo: Pham Hung. Vietnam consumer spending for 2018 was $165.70B, a 8.83% increase from 2017. She is a Generation Z consumer, and is health-conscious, tech-savvy, and an adept user of mobile "Such growth is the lowest during the past 10 years, but remains a positive result for Vietnam as the country continues to pursue the dual target of both containing the pandemic and boosting economic recovery," stated the GSO in its monthly-report. This page provides - Vietnam Consumer Spending - actual values, historical data, forecast, chart . Education spending. Consumer packaged goods (CPG) will largely be stable in 2021. Key View: We forecast real household spending in Vietnam to grow by 7.0% y-o-y in 2021, after the Covid-19 pandemic led to a y-o-y slowing in growth of 0.8% in 2020. OECD countries spent an average of 5% of GDP on education in 2015. Vietnam's consumer spending set to grow by 4% in 2021 The shopping season during the year-end festivals could lead to higher consumer spending, which in turn serves as a driving force for growth in the remainder of the year. Its user base is a youthful group between the ages of 25 and 54, responsible for more than 45 per cent of the population. The country's economy is mainly driven by manufacturing sectors' export and domestic consumption. See Digital 2020: Vietnam here. Vietnam consumer shifts in expenditure. Under the Tran Dynasty (13 th-15 th century), Dai Viet forces led by one of Vietnam's national . Vietnam's consumer market is constantly evolving, driven by changing consumer lifestyles, income, and behavior. The Global Consumption Database is a one-stop source of data on household consumption patterns in developing countries. In this second edition of the Vietnam Consumer Survey, we will explore some of the key changes in consumer behavior and purchasing patterns that have emerged from the recent survey conducted during between June and July 2020 across 1,000 households through face-to-face interviews in four major cities: Can Tho, Da Nang, Hanoi, and Ho Chi Minh City. By 2030, the country's urban consumer market will expand to 46 million consumers and US$169 billion worth of spending. The technical notes provide a detailed description of the goods and services included in each sector. Indonesia Consumer Spending 1967-2022. It excludes purchases of dwellings but includes imputed rent for owner-occupied . See chart 2. However, it noted that consumer recovery will rely on the country's vaccination drive. Download Historical Data Save as Image This article was originally published in the Global Soft Power Index 2021 report and the Nation Brands 2021 report. Vietnam's Consumer Market: On the Frontline of Growth 4 Rapid Urbanization Vietnam is experiencing a significant population migration from rural to urban areas, evidenced by the percentage of its population living in urban areas rising from 30.4% in 2010 to 35.2% in 2017. Vietnam expects a better outlook for its food and beverage industry in 2022, stimulated by new swings in consumption. Vietnam Economic Growth. Doing business in Vietnam: Consumer sector. Vietnam, Taiwan, Bangladesh, and most countries in sub-Saharan Africa. Huynh Bich Tran, associate director of Retail Measurement Services, Nielsen Vietnam, said FMCG growth in Vietnam in Q3 and Q4 2017 compared to a year ago had an average volume growth of 3%. Travel is the second most popular category, taking a 21.6 percent share of sales. Vietnam consumer confidence plummets on COVID worries, survey says. The Vietnam consumer behavior possesses supportive characteristics and composition positively curbed to the well-being of the economy. According to VNDirect Securities, consumer spending with a shift to fresh and packaged foods, Vietnam News Agency reported. The consumer lending market in Vietnam has undergone years of explosive growth. Nilai saat ini, data historis, perkiraan, statistik, grafik dan kalender ekonomi - Vietnam - Belanja Konsumen. Vietnam digital consumers and EC market (2022) Vietnam social media popularity (2022) Vietnam macro market trend 2021 Vietnam mobile app popularity 2022 Food delivery trend in Vietnam 2022 ABOUT US Q&Me is the Vietnam market research service that provides the superb Vietnam consumer trend and insight for your business success in Vietnam. Hand sanitisers, bar soaps and household cleaning products all saw double- and even triple-digit rises. Even more important, the county's middle class, now 7 million households, is growing fast. Doing business in Vietnam: Consumer sector. Photo: Pham Hung. Therefore, during the period of COVID-19 spread, the domestic consumption helped cushion damages done due to the . Agenda 1. The Ly Dynasty (11 th-13 th century) ruled the first independent Vietnamese state, which was known as Dai Viet, and established their capital at Thang Long (Hanoi). $570.3 billion (2015 est.) Several high frequency indicators, such as retail sales and Google Mobility data, suggests that consumer spending is on a positive, upwards trajectory, despite performing poorly over Q321 and Q421. And thus are no longer relevant at a 5-year high 2 cleaning products all saw double- and vietnam consumer spending...: //www.brookings.edu/blog/future-development/2020/11/25/when-will-the-global-consumer-class-recover/ '' > Vietnams 2021 Economic recovery < /a > divinity original sin definitive. Technical notes provide a detailed description of the most dynamic emerging markets in Asia... 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