According to Nielsen, Vietnam consumers is the motivation for economic development as they are willing to spend more and are also living in the lands of the potential opportunities. By 2020, Vietnam middle class will grow double, from 12 million people in 2014 increased to 33 million people in 2020.
Vietnam is among the top countries with the most optimistic consumers in the world, with more income and more spending. The percentage of increasing in per capita income rose in 2012 by 44% compared to 2010. The average growth rate of the monthly spending per person in 2012 increased by 32% compared to 2010. Therefore, Vietnam people have a strong desire for a better life, demanding about quality when 73% of people are willing to pay for higher quality.
Health is an important issue while there are 39% see health as the most concerning problem in life. Vietnam consumer’s monthly savings is to prepare for future problems, while 34% goes for the future of children, 12% is for health and 11% savings for house purchasing.
Consumers in Vietnam are also having more opportunities for shopping than ever. Modern trade channels are gaining significant role when 42% of consumers buy groceries at the supermarket more often. However, the utility factor is gradually becoming a way of life and developing quickly because of the accordance with the youth and officer with 23% of students and 36% of officer go shopping in the supermarket, convenient shop.
However, grocery store is still the dominant shopping channel in the market, while over 80% of sales of fast moving consumer goods coming from grocery stores, with 1,3 million stores across the country.
Technology offers more opportunities to help Vietnamese consumers connect. Smartphone is booming in Vietnam when nearly 1 in 2 Vietnamese people owning a smartphone, most of rural consumers watch TV daily. Online sales channel has also been in the market with 28% of Vietnamese consumers prefer online shopping.