PwC’s Voice of the Consumer Survey 2024 - Vietnam highlights
Respond, Rethink, Reimagine: Strengthening Consumer Trust in Asia Pacific
This is the central insight of our Voice of the Consumer study, which polled over 7,000 respondents from across 11 Asia Pacific territories with 515 from Vietnam.
Explore Vietnam key findingsAs business leaders in Vietnam navigate the evolving consumer landscape, it is crucial for them to take decisive steps to drive growth. The Voice of the Consumer Survey 2024 report highlights the importance of building consumer trust and offers strategies to meet the immediate needs of consumers.
It emphasises the significance of offering value beyond price, tailoring strategies based on shopper missions, and supporting ethical choices. Transparency and consistency are essential in cultivating trust, and a clear GenAI strategy with risk management can engage consumers and build trust early on. Embracing genuine sustainability practices with transparency and third-party certifications is also crucial for a sustainable future.
By focusing on these actions, business leaders can adapt to current challenges, accelerate growth, and thrive in Vietnam's evolving consumer market, which is projected to become one of the world's largest markets by 2030.
1 Respond to immediate issues facing consumers today
Rising prices and affordability tops the list of challenges that consumers are facing today. Similar to the Asia Pacific region, Vietnam economy shows signs of resilience.
Overall, consumers are more mindful of how they spend as top areas for decreasing spending are for non-essential products/services such as luxuries, entertainment products such as books and movies and toys while spending on essentials such as groceries, clothing and healthcare are expected to increase.
63%
of Vietnamese consumers consider inflation to be the leading risk in the next 12 months.
(Asia Pacific: 61%)
2 Rethink your strategy and prioritise building consumer trust
Blend the in-store and online experience
Brands and retailers must embrace a more flexible omnichannel strategy to meet consumers’ evolving expectations for a dynamic mix of online and offline experiences.
With the popularity of ecommerce platforms, Vietnam stands out with the highest rate of online shopping, although in-store shopping also remains strong (63%).
Top 3 most frequently used shopping channels in Vietnam (highest rates in the region) |
||
67%Online shopping via mobile phone |
63%In-store shopping |
44%Online shopping via PC |
The power of Social Media
Consumers in Vietnam, like their Asia Pacific peers, have a complicated relationship with social media. Consumers like using social media as a shopping channel and also actively engage with social media throughout their purchasing journey (use it to discover new brands, and seek reviews before making a purchase)
However, there appears an erosion of trust, with consumers questioning the safety and reliability of social media and reporting negative online shopping experiences.
Solving the social media paradox |
Finding the right mix with advertising channels |
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71%say they have purchased products directly through this platform |
77%are concerned about privacy and data-sharing |
91%say they are most likely to be influenced to purchase by advertisements via social media |
58%say they persuaded by influencers to buy a product or service |
3 Reimagine your business, for a sustainable future
Global megatrends may seem abstract and ‘far away’, whether it is the disruptive impact of technology or sustainability, but present opportunities for consumer-facing companies to innovate for sustainable growth.
Build premium sustainable products
Climate change and how that affects companies’ plans for a sustainable future is a hot topic in corporate boardrooms and governmental institutions alike.
Impact of climate change
in daily lives
94%
of Vietnamese consumers reported experiencing disruptive effects of climate change in their daily lives
(Asia Pacific: 88%)
Changing lanes with
sustainable transport
85%
would consider acquiring a hybrid or electric vehicle in the next 3 years
(Asia Pacific: 78%)
Build premium
sustainable products
54%
would be willing to pay up to 10% above the average price for a product that is made from recycled/ sustainable materials
(Asia Pacific: 50%)
4 Considerations for leaders
01Address conflicting priorities in a cost-escalating economy |
02Be measured |
03Infuse trust into strategy |
04Build shopper missions into your strategic plan |
05Bridge the intent/reality divide |
06Adopt genuine sustainability practices |
07Build trust with consumers along your GenAI journey |
Explore Vietnam findings
Download Asia Pacific report
Get in touch
Rakesh Mani
Partner, Asia Pacific Consumer Markets Co-Leader, PwC Malaysia
Tel: +60 3-2173 1188
Consumer Lead Partner, Deals Strategy Service Leader, PwC Vietnam
Tel: +84 28 3823 0796
Mohammad Mudasser
Director, Working Capital Management, PwC Vietnam
Tel: +84 28 3823 0796, Ext. 3322