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Saturday, July 13, 2024

Hope rises amid challenges

By Do An

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As the middle class in Vietnam continues to grow, consumers are becoming increasingly demanding and discerning. The ability to adapt to these changes is seen as a crucial factor for local businesses to stay at the forefront of emerging market trends. The economic headwinds that Vietnam has faced since early this year are likely to impact the spending of local consumers, according to a recent report by global management consulting firm McKinsey and Company. In 2023, declining demand in Vietnam’s key markets such as the U.S. and the European Union countries has led to a lower forecast for export growth. Meanwhile, inflation is projected to hover around 3.8%, placing a substantial burden on the daily lives of locals, particularly those in the lower-income segments. In the months ahead, the protracted challenges can continue to leave property developers in a bind given liquidity pressures while also plaguing the domestic market. Still, Vietnamese middle-class consumers remain optimistic about the prospects of the economy. Data from McKinsey showed that over half of Vietnam’s population will join the middle class by 2035, “creating more disposable income and fueling consumption”. According to its Vietnam Consumer Pulse Survey in 2022, about 60% of local consumers believed […]
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