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    Consumption Trends of Vietnamese People Today: Subject: Eco204 Lecture: Lam Thi Huong Tra Group: Garlic

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    Tín Trung
    The document summarizes consumption trends of Vietnamese people. It discusses that quality, taste, and price are the main elements Vietnamese consumers care about. It also notes that consumption trends have positively impacted Vietnam's economy by driving income and changing lifestyles. COVID-19 has both limited offline consumption and promoted online consumption in Vietnam. The challenges facing retailers are adapting to these new trends and a lack of technology infrastructure. Businesses should promote their products, improve customer service, and create memorable experiences to adapt to changing consumption patterns.

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    Consumption Trends of Vietnamese People Today: Subject: Eco204 Lecture: Lam Thi Huong Tra Group: Garlic

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    Tín Trung
    28 views28 pages
    The document summarizes consumption trends of Vietnamese people. It discusses that quality, taste, and price are the main elements Vietnamese consumers care about. It also notes that consumption trends have positively impacted Vietnam's economy by driving income and changing lifestyles. COVID-19 has both limited offline consumption and promoted online consumption in Vietnam. The challenges facing retailers are adapting to these new trends and a lack of technology infrastructure. Businesses should promote their products, improve customer service, and create memorable experiences to adapt to changing consumption patterns.

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    The document summarizes consumption trends of Vietnamese people. It discusses that quality, taste, and price are the main elements Vietnamese consumers care about. It also notes that consumption trends have positively impacted Vietnam's economy by driving income and changing lifestyles. COVID-19 has both limited offline consumption and promoted online consumption in Vietnam. The challenges facing retailers are adapting to these new trends and a lack of technology infrastructure. Businesses should promote their products, improve customer service, and create memorable experiences to adapt to changing consumption patterns.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views28 pages

    Consumption Trends of Vietnamese People Today: Subject: Eco204 Lecture: Lam Thi Huong Tra Group: Garlic

    Uploaded by

    Tín Trung
    The document summarizes consumption trends of Vietnamese people. It discusses that quality, taste, and price are the main elements Vietnamese consumers care about. It also notes that consumption trends have positively impacted Vietnam's economy by driving income and changing lifestyles. COVID-19 has both limited offline consumption and promoted online consumption in Vietnam. The challenges facing retailers are adapting to these new trends and a lack of technology infrastructure. Businesses should promote their products, improve customer service, and create memorable experiences to adapt to changing consumption patterns.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 28

    Consumption trends of

    Vietnamese people today

    Subject : Eco204
    Lecture : Lam Thi Huong Tra
    Group : Garlic
    Table of Contents

    01 02 03
    ❖ About Vietnam Market ❖ Elements that Vietnamese ❖ Purposes of using money of
    ❖ Overview about people care about. Vietnamese people
    Consumption trend

    04 05 06
    ❖ How consumption ❖ Challenges of retailers ❖ What a business should do
    trends affect Vietnam's related to consumption to adapt consumption
    economy trends trends
    ❖ Covid's effects
    About Vietnam market
    About Vietnam market

    Before After
    Consumption trend in Vietnam

    Food and Beverage


    E-commerce
    Elements that
    Vietnamese people care
    about ?
    1/ Quality

    Quality is key
    2/ Taste

    It is also good for


    health
    3/ Price

    It depends on how much


    money residents have.

    Source: A little Adrift


    Purposes of using money of Vietnamese people
    1/ Meet people’s basic needs

    For foods, education


    2/ For entertainment activities
    Travelling or shopping
    How consumption
    trends affect
    Vietnam’s economy?
    Why??
    How consumption trends affect Vietnam’s economy? Why??

    1. Driven by increased income, consumer behaviour and changing lifestyles


    → Vietnamese consumer trends and business opportunities are changing
    rapidly with positive signals.
    2. Vietnamses consumers’ interest in modern lifestyles and demand for more quality
    and safety products.

    → Need to innovate to satisfy needs and demand


    → Create more jobs and opportunities for people
    → Economic development
    (Cekindo, 2019)
    Covid’s effects
    on the consumption of Vietnamese
    Covid’ effect
    Source: https://www.statista.com/statistics/1102839/vietnam-consumer-spending-after-covid-19-by-sector/
    Covid’s effects

    Limit offline Promotion online


    consumption consumption
    1. Limit offline consumption
    Covid’
    ➢ Save money
    ● Lack of work
    effect
    ● They are unemployment
    ➢ Stay at home or less go out
    ● Never set up or cancel outside activities or travel plans
    (Statista Research Department, 2019)
    Covid’s effects
    2. Promotion online consumption

    - Over 50% of customers who reduced


    their frequency of visiting physical
    stores
    - 39% bought more frequently from
    online shopping channels (Nielsen,
    2020)
    → The percentage of online shopping
    is increasing compared to traditional
    shopping types.
    Challenges related to Consumption Trends

    Retailers keep the traditional way of doing business

    - 98% of retailers say that almost all of


    their revenue comes from stores and
    agents and only about 2% comes from
    e-commerce sales. (Vietnamnet, 2019).

    Source: City Pass Guide


    Challenges related to Consumption Trends
    Lack of facilities and technology

    - Vietnam is still quite backward compared


    to technology growth

    Need more support from the government


    Source: Retraco Solutions

    - Need more policies to support business


    development
    - Policies to protect domestic enterprises
    by creating technical barriers.

    Source: Clients ARM


    What a business should do to adapt consumption trends
    1. Promote your products

    Using advertising to attract Offering discounts


    more customers
    What a business should do to adapt consumption trends
    2. Creating a unique and memorable product

    ❏ Making a difference by
    design
    ❏ Adapting your business to
    suit your customer base
    What a business should do to adapt consumption trends
    2. Improve Customer Service

    Interacting regularly with loyal customers Making a difference by delivering great


    customer service
    Question: In our presentation, which is the most
    important factor in consumption trends of
    Vietnamese people ?
    Thank You for listening
    Do you have any questions?
    References
    Cekindo. (2021). Understanding The Current Trends in Vietnam: Market Research. Cekindo.Retrieved from
    https://www.cekindo.vn/blog/understand-current-trends-in-vietnam-market-research

    Dezan Shira & Associate (April 30,2019) Investing in Vietnam’s Consumer Market: An Overview.Retrieved
    romhttps://www.vietnam-briefing.com/news/investing-vietnam-consumer-market-an-overview.h
    tml/

    Nguyen , Dat. (2018). Vietnamese spend most of their income on foods and drinks Vnexpress. Retrieved
    from
    https://e.vnexpress.net/news/business/data-speaks/vietnamese-spend-most-of-their-income-o
    n-food-and-drinks-3832981.html

    Nielsen . (2018). Connected commerce: Connectivity is enabling lifestyle evolution. Retrieved from
    https://www.nielsen.com/apac/en/insights/report/2018/connected-commerce-connectivity-is-
    enabling-lifestyle-evolution/

    Vietnamnet. (2019). Top 10 công ty uy tín ngành bán lẻ năm 2019. Retrieved from
    https://vietnamnet.vn/vn/kinh-doanh/vef/top-10-cong-ty-uy-tin-nganh-ban-le-nam-2019-57586
    7.html

    Is almond milk bad for the environment. (2020). Youmatter. Retrieved from
    https://www.google.com.vn/search?tbm=isch&q=nut%20milk#imgrc=__HwJGWSz56k2M

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