- January 11, 2017
- Posted by: Robert
- Category: vietnam retail
Few facts about the Vietnamese middle class.
Rising purchasing power and willingness to spend
Vietnamese middle classes purchasing power is increasing fast, their disposable income increased by 32% between 2010 and 2015. In the same time, household spending increased by 33%.
New shopping habits
From wet markets, Vietnamese have shifted to modern-trade. Supermarkets, convenience stores and shopping malls are popping up all over the country, in both urban and rural areas.
Retail data Vietnam 2016 :
- 1286 convenience store (80% of them are located in Ho Chi Minh City)
– Big names : Circle K, Familymart, 7Eleven, Bsmart, Ministop, Satrafood, Co.op food,AEON Citimart
- 225 Supermarket (Located in all major cities)
– Big names : Big C, Metro, Co.op, Lottemart, Emart
Interest for imported goods and food safety
Imported goods are favorably viewed by Vietnamese consumers, considered as safer and more reliable than locally produced.
Vietnam recurrently suffers from food safety scandals, this creates a great opportunity for the imported “safer” brands.
Vietnamese are generally more health conscious than before. The middle class no longer want to spend its money on cheap products or brands. 73% of Vietnamese are ready to spend more for a reliable and reputable brand.
Vietnamese middle class will reach 30 million people in 2020.
Vietnam middle class (segment of population earning more than 715 USD/month) will reach 30 million people in 2020. A huge market opportunity for European retail brand exporters.
How the rising middle class spend its money ? Latest trends
– Baby and children oriented products
– Home improvement and decoration
– Safer food and beverage products
That´s it, have a great day folks 🙂