Lifestyle changes push consumer spending up 25% in Vietnam
Lifestyle changes and the growth of supermarkets have spurred a consumer spending boom in Vietnam, a survey by research group Gfk has found.
Van Tran Khoa of Gfk
The spike is as high as 25% in sales of domestic appliances such as washing machines.
The survey group described the growth as “significant”, revealing market rrends towards buying bigger capacity frideges and washing machiens, and an ongoing process of upgrading.
“Along with the other developing countries in the region, Vietnam is also undergoing rapid modernization and advancing technology, which local consumers are generally adopting and embracing,” said Van Tran Khoa, Managing Director of GfK in Vietnam.
“Our reports indicated escalating adoption for inverter type air-conditioners and bigger washing machines and refrigerators.”
An underlying trend observed in the report is increasing spend on the value of items, despite a 5 percent drop in volume sales.
“We are noticing a gradual lifestyle change when it comes to fresh food shopping, as consumers are visiting the wet market less frequently these days,” said Van.
“With supermarkets springing up across the country and becoming more readily available and accessible, bigger fridges have become essential for them to stock up on a larger amount of fresh foods.
“Rising cost of electricity in the country is a concern for many and definitely has an impact on consumers’ choice of appliances to purchase. On top of this, as consumers become increasingly environmental conscious, we can expect manufacturers to continue expanding their repertoire of eco-friendly appliances to meet market demand which will be trending in this direction moving forward.”