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Monday, July 22, 2024

Understanding consumers

By Anh Vu

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In every economy, domestic consumption plays a crucial role. As Vietnam’s export values are projected to grow around 9-10% in 2023, it becomes essential to understand and update ourselves about the domestic market. Specific characteristics of the domestic market Every country’s domestic market has its unique characteristics and advantages. In the case of Vietnam, the country’s population is reaching 100 million people, and the middle class is expected to account for half of the population by 2035, signaling significant expansion. Moreover, the Vietnamese consumer confidence index (CCI) remains high, driving the demand for luxury goods and the pursuit of better values, despite challenges faced by the domestic and international economies. Given these factors and the forecasted export growth, staying updated on the domestic market becomes imperative. Wise shopping trend The growth of consumption in Vietnam is currently supported by three key factors: (i) a rising consumer confidence index, (ii) the rapid expansion of the middle class, and (iii) the expansion of consumer areas beyond big cities to include small cities and rural areas. According to a survey conducted by McKinsey, local middle-class consumers in Vietnam are among the most optimistic in the world. This optimism has become increasingly prevalent since […]
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