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The Vietnam Consumer Survey
An accelerating momentum
After three decades of economic reform, Vietnam has transformed into one of the most dynamic emerging markets in the Southeast Asia region. This momentum looks set to accelerate in the near-term, as its economy continues to show fundamental strength on the back of strong export demand, and a concerted nationwide push for digital transformation.
In this first edition of the Vietnam Consumer Survey, we explore some of the latest consumer behaviour patterns emerging from the results of our survey conducted in the second half of 2019 across 1,000 respondents through face-to-face interviews in four cities: Hanoi, Ho Chi Minh City, Can Tho, and Da Nang.
We have structured this report in a sequential manner to trace the consumers’ journey from pre-consumption to consumption, and finally post-consumption. While it is worthwhile noting that the consumer’s journey may not always follow this linear pattern, what we endeavour to do in this report is to provide you with a more holistic understanding of some of the drivers and motivations behind the Vietnamese consumer’s behaviours.
We will begin this journey in the pre-consumption phase, where we take stock of the overall consumer sentiment, and their outlook of the future, before examining their preferred communication channels, and purchasing preferences. What we observed was that the Vietnamese consumer’s media consumption diet spans across a fairly diverse set of offline and online channels, and that quality is a key consideration underpinning many of the purchasing decisions that they make.
In the consumption phase, we take a look at some of the consumer’s purchasing and payment behaviours. Here, we found that competition in Modern Trade channels is beginning to heat up, even as Traditional Trade channels continue to dominate the retail landscape. We also examine the nascent e-commerce and digital payment markets, and take a look at some of the key highlights of their evolution.
Finally, in the post-consumption phase, we delve into loyalty programs, and elaborate on the rise of digital aggregator platforms that have emerged as an alternative to conventional, store-specific programs.
For more information on this publication, please contact us.