What products and services are Vietnamese people prioritizing?
In 2023, the global commodity market experienced significant fluctuations influenced by economic, political, and social contexts. According to PwC’s report on consumer habits in Vietnam in 2023, as many as 62% of consumers choose to cut unnecessary expenses. This figure is 72% in Southeast Asia and 69% globally.
It can be observed that Vietnamese consumers are making significant adjustments in their consumption trends. Cutting expenses, limiting purchases, or finding alternatives with a tighter budget are more prevalent than before. These changes require businesses to adapt their strategies to reach customers more effectively, provide suitable solutions, and ensure consumer satisfaction.
The report ‘Modern Consumer Trends – Understanding to Conquer the Market,’ conducted by Coc Coc, has provided insights into the needs, behaviors, and consumer trends of the six most common industry sectors.
1. Health care, beauty, and spa services
The constant updates on new trends, rising standards, and increasing requirements have rapidly driven the development of the beauty and skincare industry, bringing it closer to consumers. With more choices available to customers, businesses face greater challenges in optimizing their products and sales methods.
50.9% of those surveyed stated that they are increasingly paying more attention to natural and organic products. Among them, 4 out of 5 consumers prioritize purchasing health and personal care products certified as organic and environmentally friendly. Additionally, consumers also prefer products with scientific research elements, detoxification, self-care, and local origins.
50.9% of those surveyed stated that they are increasingly paying more attention to natural and organic products
Present-day users can actively seek diverse information from various sources when researching products throughout the entire journey before, during, and after purchase. Social media, official brand websites, and search engines are the top 3 information channels prioritized by users.
2. Banking, finance, insurance, securities
According to the consumer trend report, Transferring/withdrawing/Depositing money, Paying bills, Shopping, and Opening a bank account are the three most common financial activities among Coc Coc users.
In the context of economic difficulties, consumers choose to tighten their spending and prioritize holding cash and savings. Only 11.9% participate in stock trading or buying and selling fund certificates.
In the context of economic difficulties, consumers choose to tighten their spending and prioritize holding cash and savings.
The difference between gender and age groups in consumer preferences in the financial sector is quite clear. In comparison, women tend to favor common investment forms such as savings, insurance, and gold purchases, while men prefer somewhat riskier forms such as stocks, fund certificates, and bonds.
7.5% of those surveyed stated that they have been using or are currently using consumer loan services. While young people prefer forms of credit limit loans, older individuals tend to choose mortgages or loans secured by assets.
3. Agriculture, food, and beverages
Consumers are increasingly concerned about health, especially issues related to food and beverages. Nutrient-rich, health-promoting products are given priority in today’s shopping baskets. Additionally, environmental protection is also considered in consumer choices, with 43% of those surveyed taking it into account.
Consumers are increasingly concerned about health, especially issues related to food and beverages.
According to the data recorded in the report, “Eat Clean” has become a familiar trend among Vietnamese consumers, exerting significant influence and receiving widespread attention in the community. Today’s consumers also emphasize and demand more about the nutritional content and healthiness of packaged foods such as noodles, pho, vermicelli, hu tieu, instant noodles, and porridge. They desire packaged foods to provide sufficient nutrition and be non-harmful to health.
4. Construction materials, interior and exterior furnishings, household items
This year, the real estate market is relatively stagnant and tends to cool down. However, consumer interest remains high in housing, household items, and living spaces. Popular trends include modern amenities, integrating smart technology into living spaces, environmental concerns, and minimalist design.
Consumer interests in housing, household items, and living spaces are noted to be significant.
Unlike most other consumer goods, consumers in the Construction – Household – Furniture sector seek information directly from brands alongside online channels such as social media and search engines.
5. Technology products and services for businesses
Tools and software that support work, communication, and task management in office environments, such as digital offices, order management software, email, and cloud computing, are increasingly developing to meet the diverse needs of businesses.
Security and information safety are the top factors influencing consumer behavior.
Businesses/individuals indicate that they are willing to increase their budget for technology products and services as an investment to upgrade or expand their scale, improve customer support services, and increase the frequency/quantity of product usage. Consequently, security and information safety are the top factors influencing consumer behavior. However, many other factors still come into play when they make decisions about product selection!
6. Ride-hailing, food delivery, and technology-based courier services
The presence of technology has gradually changed the traditional consumer habits of the Vietnamese, leading consumers to accept and use convenient services provided by applications, such as ride-hailing, food delivery, and courier services. Nowadays, businesses tend to integrate all services into a single application for convenience and optimization for users rather than providing them separately as before.
Pricing is the top key factor for consumers when choosing technology services.
Most consumers believe that pricing is the top key factor when choosing technology services. Additionally, order processing speed, safety, and security are also crucial factors influencing consumer decisions. However, these weights may vary based on age and income.
Indeed, the trends in modern consumer behavior have undergone significant changes. Keeping close to reputable market research data, with specific and in-depth analyses of consumer behavior dynamics, will help businesses truly understand and find the right solutions to their challenges.
According to Doi Song Phap Luat News
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