According to Euromonitor, about 13 million Vietnamese people will be 65+ in 2030, and their purchasing power is expected to be growing fastest among age groups, averagely 5% annually during 2018 – 2030.
While most of consumer goods’ brands are aiming to Gen Y (who were born from 1982 to 1999), or Gen Z (borm from 2000 and later), the global market research agency Euromonitor International says that another potential consumer group is the grandparents of generations above.
“The senior consumers have the feeling, the want of treating and being treated as well as the younger ones. They wish brands paying more attention to their needs, their interests, as well as bringing more experience of convenience, validation and innovation”, said Mrs. Hodgson, Director of Income & Consumption Research of Euromonitor.
“A universal strategy could bring more benefits to business by its appealing to senior consumers meanwhile maintaining attractiveness to younger target groups, rather than strategies focusing to specific target groups”.
These senior consumers seem to be easily accepting products with traditional positionings, or with nostalgic feelings when using such products, meanwhile offering a hint of modern age’s innovation. This approach creates a newer version of “traditional products” and could also address more younger consumers.
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In 2030, Vietnam is expected to be the 5th largest market in South East Asia, where 50% of households have expensable income of $5,000 – $15,000. The middle-income, which makes 34% of the whole population, are also well educated and have high recognition to brands and price levels.
Despite the Vietnamese people’s high sensation of price, they have great intention of spending money on products of big brands, with extra-ordinary quality and healthy claims.
Another positive indicator is supposed to be the double-sized growing of Vietnam’s online retailing, which may reach 5 billion USD in 2030.
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