The Vietnam Consumer Survey
Staying resilient amidst headwinds
Although Vietnam is not immune to the COVID-19 pandemic and its accompanying economic headwinds, it has arguably proven itself as one of the more resilient economies in Southeast Asia. What set it apart from the rest were its early, relatively successful efforts at containment, and a compliant population that mostly adhered to safe distancing requirements.
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.
To facilitate discussions on the consumer journey and highlight segment-specific insights where possible, we have also developed four personas to represent the various key consumer segments in Vietnam: Van, Hai, Chien, and Hoa. Through their lenses, we will explore the consumer journey while analysing the impact of the pandemic and other macro trends on the Vietnamese consumer’s heart, wallet, and mind.
We will begin by examining the overall consumer sentiment, including their economic and employment outlook, as well as income expectations. Overall, we observed that the consumer sentiment remains generally optimistic despite the uncertain environment, with a level of resilience displayed even amongst the lower income groups, for whom the impact of COVID-19 has undoubtedly been harder.
Next, we explore some of the shifts in consumer spending, which reflect not only a greater prudence amidst the ongoing pandemic, but also a shift in priorities as consumers adapt to new ways of remote working and the accompanying lifestyle changes.
Finally, we take a look at the purchasing drivers and other behaviours exhibited throughout the purchasing journey from pre-purchase, to purchase, and post-purchase. While we observed that traditional trade channels continue to hold their own against modern trade channels even amidst the pandemic, there has been a more noticeable shift from traditional trade to e-commerce and online channels.
Nevertheless, a variety of different impediments remain in the way of the greater adoption of these platforms, which consumer companies will need to address.