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Thursday, July 25, 2024

Gen X spending outpaces other generations: Visa

The Saigon Times

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HCMC – Recent research by Visa indicates that those born between 1965 and 1980 and often known as Gen X, making up over 31% of the world’s population, are outpacing other generations in spending.

In Vietnam, 84% of these individuals, often referred to as “middlescents,” are likely to spend money on their personal hobbies and interests, slightly higher than the Asia Pacific average of 82%.

Additionally, 80% of Vietnamese respondents from this generation plan to increase spending on out-of-home leisure activities in the next 12 months; 47% are planning a well-deserved vacation; and 58% are likely to invest in premium products and services.

Visa attributes the spending trends of Gen X to significant changes in health, career and family dynamics as they transition into middle age. This transition often leads to a renewed focus on personal interests that were previously sidelined due to professional and family commitments.

The research also revealed that 51% of Vietnamese respondents in this age group are comfortable spending a lot of time in a digitally generated world, while 49% have expressed interest in using virtual reality to shop for products. This presents numerous opportunities for merchants to meet evolving customer demands in the digital commerce and payments space.

Dung Dang, Visa country manager for Vietnam and Laos, said, “Middlescents represent a largely untapped consumer market for numerous businesses. With distinct consumer needs and substantial purchasing power, they are a formidable target audience that can be strategically catered to.”

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