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Vietnam Consumer trends 2020

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5 XU HƯỚNG NGƯỜI TIÊU DÙNG CẦN...
1. Sự khác nhau giữa các vùng miền
2. Người tiêu dùng thích sản phẩmmới, nhưng họ khá dè chừng với những sản phẩm này
3. Digital như một phần tất yếu
4. Sự bùng nổ của Ecommerce
5. Sự bền vững, an toàn và thân thiện của sản phẩm

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Vietnam Consumer trends 2020

  1. 1. Consumer Trends 2020 BBGV 12th Feb 2020 Phil Worthington
  2. 2. 317% 196% 128% 59% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 BrandZ Top 10 Powerful Brands BrandZ Strong Brands Portfolio S&P 500 MSCI Word Index Strong brands generate superior shareholder returns than leading market indices Strong brands make a company more money 2
  3. 3. This brand lost US$30 million in sales. Why? The redesign eliminated Tropicana’s orange-with-a- straw graphic, which had been a familiar brand reference for shoppers at the shelf Colour coding was dramatically reduced in the new packaging, making it difficult for shoppers to identify product variants. The new packaging reduced the emphasis on the Tropicana brand, playing up the “100 percent orange” claim instead Original packaging The re-design 3
  4. 4. Consumer Trends for Today 1. Taking into account regional differences 2. Consumers love new launches but they are risky 3. Consumers have gone digital crazy 4. E-Commerce is booming 5. Sustainability 4
  5. 5. 1 There is more than one Vietnam HANOI ➢ Population: 7.5 million ➢ GDP: US$ 27.6 Billion ➢ GDP per capita: US$ 3,600 DANANG ➢ Population: 1.029 million ➢ GDP: US$ 2.992 Billion ➢ GDP per capita: US$ 2,908 HCMC ➢ Population: 8.2 million ➢ GDP: US$ 43.7 Billion ➢ GDP per capita: US$ 5,318 Danang-ese aspires for smooth sailing in life. Hanoi-ans are more pragmatic. They want is a high level of social status. Saigon-ese chooses to live life to the fullest no matter what obstacles they face. 5
  6. 6. Danang Life is going to be smooth sailing. Life should be not a competition. It’s more about how to get enough to secure the future, then that’s it “ Actually I have been to HCMC. I lived there for 4 months. But I think they have factors that I like but I still prefer to live in Danang as it’s more peaceful & less competitive. Here, I still have a good pay, have things to entertain since now we have more international festivals like food festival or recently, the firework festival is happening right now here or we even have Starbuck like Saigon…” 6
  7. 7. Hanoi Hanoi-ans are more pragmatic. All they want is a high level of social status. “Now I’m in the last year of my college and I wanna have a job after graduation. Maybe my brother can help me with it as he has some kind of relationship in his company so he can help me to get a place there”. “I want to buy car, but I will ask for a financial support from my mom”. 7
  8. 8. Saigon “The world is moving so you have to make a move too; even a risky one. Life offers a land of opportunities. It is just about how well you take and seize them”. “I used to work for an IT company but the salary is not attractively high and had to take me long time to get promoted to get paid better, so I decided to learn filming then rising my interest in photography so I decided to open my own studio some years ago”. “If I won lottery, I would re-invest into my business to expand the size”. 8
  9. 9. Different product name and packaging in North v.s. South Different product name, packaging and communications in North v.s. South ..respect & leverage cultural differencesHow Brands Adapt to Regional Differences 9
  10. 10. Appeal more to northern consumers with Premiumness & Fashion association vs Trying to win more Southern females by dialing up ‘stronger’ personality of girls How Brands Adapt to Regional Differences 10
  11. 11. ✓ Trust is critical ✓ Anecdotal evidence can trigger trial ✓ Functional demonstration or Expert’s endorsements are good ways to get into their heart ✓ Trial and adoption takes place more quickly ✓ New news is key trigger to try ✓ Marketing activities (TVCs, promotions and samplings) can trigger trial 2. New brands or launches need different approaches/1 New launches take a longer time to fly yet consumers are more loyal once they trust the brand Trial and adoption takes place more quickly How Brands Adapt to Regional Differences 11
  12. 12. 2. New brands or launches need different approaches/1 South: Mirinda Soda Cream. Works better in South as: Creating New Taste desire via Fun/ Engaging style Excite the trial motivation by new term ‘Ngon xoắn lưỡi’ (Tongue twist delicious) North: Ariel Matic 2019. Works better in North as: - Establish TRUST with Miss Vietnam Empowered by new technology (3D technology) – RTB is very important in North How Brands Adapt to Regional Differences 12
  13. 13. 2. Vietnam Has Gone Digital Crazy 13
  14. 14. Youtube – 50 million Vietnamese users Spend 1.7 hours on YT per weekday Internet penetration 66% (SE Asia average is 63%) Smartphone penetration is 72% Vietnam Has Gone Digital Crazy 14
  15. 15. of Vietnamese consumers say ads are appearing in more places now of people say that advertising is more intrusive now Consumers are acting on this: of Gen Z in Vietnam have installed an ad blocker 85% 6 10 22% out of However consumers are less receptive to advertising on digital channels… Source: AdReaction 2018 – Kantar Millward Brown 15
  16. 16. Ensure you have something compelling and distinctive to engage in the first few seconds Viewer share (%) Duration of ad (seconds) Video Playback Behavior 0 10 20 30 40 50 60 70 80 100 90 80 70 60 50 40 30 20 10 0 Ads have less than 3 seconds to deliver in a cluttered online environment Average (ad) dwell time 2.3s
  17. 17. One way around this is the rise of Native Advertising Confidently identify native ads as sponsored content Match the site’s editorial tone Create content that resonates with the audience 1 2 3 17
  18. 18. Sometimes it’s important for your ad to blend in. Often, it’s more important to stand out. This is the fine line native ads walk. 18
  19. 19. Innovations 19
  20. 20. Innovation: Enormous number of new launches every year, but only a few find real success Top launches which reach 1% penetration or 500k households for 1 year 1.7% Among 107,968 new launches in 7 markets* only 2.1% 0.4% 3.5%4.1% Spain UK Vietnam China % top launches in some markets Source: Worldpanel Division | Innovating for Growth report *7 markets including the UK, China, Vietnam, Brazil, Spain, Mexico, Germany 20
  21. 21. Vietnam’s FMCG market is much more innovative over time 3 30 2014 Source: Worldpanel Division | Household Panel | Urban 4 key cities | FMCG *New launches are counted based on new brand, variant, pack size, pack type 7,184 new launches 5,909 new launches 3 30 2018 16.2 new bees/day 19.7 new bees/day In 2018, new launches appeared almost every hour ! 21
  22. 22. NUTIFOOD TROPICANA TWISTER JUICY MILK The new juicy milk category 22
  23. 23. 23 Source: Worldpanel Division | Lifestyle Survey | Urban key 4 cities Vietnam With more offers in the market, consumers nowadays are more skeptical of the influencing factors around them, implying that not all innovations are easily adopted • Try new product after seeing its advertisements • Believe in benefits claimed by products • Impulsively buy products with in-store displays FEWER households (2018 vs 2011) Only 39% Households agree ” I tend to try new products if others recommended. “ In fact, they spend on average 1 million dong in a year on new launches, 122k more than those who disagree
  24. 24. 24 4. The Rise of E-Commerce
  25. 25. Online, Mini Stores and Specialty Stores are today’s top 3 growing FMCG channels Total FMCG value spend year-on-year change 91.0% 36.3% 14.3% 11.2% 6.5% 5.0% 3.2% -1.1% -4.1% Online Mini Stores Specialty Stores Hyper Super Direct Sale All Channels Wet Market Street Shops GT Others Source: Worldpanel Division | Households Panel | Urban 4 Key Cities | Total FMCG excluding Gift | 12 months ending June 2019 FMCG growth: 5.0% 25
  26. 26. And there is huge potential for growth, for ecommerce Ticket in k VND per shopper per tripPenetration % 99.1 78.4 56.1 61 25.4 Street Shops Hyper-Super Specialty… Mini Stores Online Number of trips per year per shopper 95.7 14.5 9.8 13.8 4 92 195 256 97 356 Source: Worldpanel Division | Households Panel | Urban 4 Key Cities | Total FMCG excluding Gift | 12 months ending June 2019 26
  27. 27. E-Commerce Is Extremely Competitive Meaningful Difference Salience Power Index Lazada 111 104 140 18.7 Sendo 105 89 10013.5 Shopee 150 127 16224.3 Tiki 133 138 12721 Sample size: N=400, Sample definition: 50% Male, 50% Female, 18-65 years old Category introduction: shopping sites or apps that offer a range of goods such as clothing, homewares, electricals or health and beauty products 27
  28. 28. Ecommerce as a channel will inevitably continue its spectacular growth - 10 20 30 40 50 60 70 RollingOnlinepenetration China Key & A city Online shopping penetration in China was at almost the same level as we have in Urban Vietnam today, 7 years ago… % online FMCG buyers # of online FMCG trips 2018 MAT P6 2019 2025F 22.4% 3.6 25.2% 4.0 60.0% 6.1 “ ” Vietnam level today Source: Worldpanel Division | Households Panel | Urban 4 Key Cities | Total FMCG excluding Gift 28
  29. 29. 5. Sustainability 29
  30. 30. Sustainability is now a real concern for consumers Top 3 Household’s Concerns Food safety Health & Wellness Environmental issues / Diseases 1st 3rd 2nd 30
  31. 31. Banking Meaningful Difference Salience Power Index ANZ 71 101 59 2.1 Eximbank 79 79 714 HD Bank 77 79 693.7 Maritime Bank 71 88 62 3 Sacombank 106 103 108 8.4 SeABank 63 72 68 2.5 SHBank 70 86 60 2.5 Techcombank 128 115 858.5 Vietcombank 149 135 19016 ACB 110 106 98 7.6 Dong A 95 88 956.5 HSBC 85 118 684.6 Agribank 99 93 144 10 BIDV 128 112 126 10.8 VietinBank 119 105 1279.9 Sample size N=400, Sample definition: 50% Male, 50% Female, 18-65 years old Category introduction: organizations that offer current or savings accounts, i.e. accounts that allow you to make deposits and withdrawals, and conduct other financial transactions. A great opportunity for banks to enhance their consumer experience 31

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