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Vietnam consumer trends in Vietnam and Asia

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Vietnam consumer trends in Vietnam and Asia

  1. 1. 1 Major Consumer Trends Vietnam and Asia
  2. 2. 2 Agenda ♦ Asia overview ♦ Major consumer trends
  3. 3. Asia Overview
  4. 4. Asia  represents  a  huge  consumer  base 4 ASIA  REMAINS  THE  GLOBAL  GROWTH  ENGINE Source:  United  Nations  |  IMF 60% 36% of  global  GDPof  global   population ASIA 3rd biggest  consumer   base  in  S.  E.  Asia 15th biggest  consumer   base  in  the  world VIETNAM 60%  of  global  economic  growth
  5. 5. Emerging  &  Developed   countries Year-­on-­year  GDP  Growth  Rates  (%) Asian  countries 7.1 6.7 6.2 6.9 4.2 5.0 3.3 2.4 2.0 1.5 1.0 1.6 -­3.6 1.5 -­0.2 7.4 6.9 6.8 6.7 5.9 5.1 3.9 3.6 3.1 2.6 1.7 2.7 1.9 2.3 1.7 India China Vietnam Philippines Malaysia Indonesia Thailand Singapore Korea Taiwan Japan Eurozone Brazil US Rusia 2016 2017 5 A  majority  of  Asia  sees  brighter  economic  outlook.  Vietnam  is  still  among  the  fastest   growing  markets,  surpassing    the  2017’s  GDP  target  of  6.5%   Asia  GDP  growth:  +5.5%  in  2017 Global  GDP  growth:  +  3.7%
  6. 6. Higher  purchasing  power  across  Asia,  increasing  the  potential  from  ‘newly-­rich’ Household  final  consumption  expenditure  per  capita  (US$) 6 Source:  World  Bank 0 5000 10000 15000 20000 25000 30000 1990 1995 2000 2005 2010 2016 0 1000 2000 3000 4000 5000 6000 Malaysia Thailand China Indonesia Philippines Vietnam India
  7. 7. 7 The  whole  region  witnesses  rapid  urbanization Source:  IMF Malaysia Indonesia Thailand Vietnam Philippines 2000 2010 2016 China South  Korea 62 71 75 42 50 54 31 44 52 24 30 34 484544 36 49 57 80 82 83 %  Urban  development Rapid  urbanization Rural  and  suburban  today  will   become  the  new  urban   consumers  of  tomorrow
  8. 8. Nearly  half  of  Asian  women  in  the  workplace,  indicating  time  poor  and  demand  for  speed  and   convenience %  Working  female 8 20 30 40 50 60 70 80 China Hong  Kong Indonesia India Japan South  Korea Malaysia Philippines Singapore Thailand Vietnam 2012 2016 Source:  World  Bank    – Female  employment  %  of  population  ages  15+
  9. 9. Household  size  is  shrinking,  arising  more  individual  needs  among  Asian  consumers 9 2.5 3.0 2.7 3.4 3.5 4.4 4.5 4.4 4.8 5.3 2.4 2.8 2.8 2.9 3.2 3.8 4.5 4.3 4.6 4.9 Japan Taiwan South  Korea China Thailand Vietnam Indonesia Malaysia Philippines India 2012 2016 Average  number  of  people  per  household Source:  The  Economist  &  ArcGIS Families  with  1-­2  generations Families  with  2-­4  generations *  Indonesia:  Average  number  of  people  per  household    in  2015   *
  10. 10. Asia  has  3  clusters  of  consumers.  SEA  population  is  still  young  compared  to  other  areas  with   Millennials  are  key  future  consumers   10 Japan Hong  Kong South  Korea   Taiwan Thailand China Vietnam Indonesia Malaysia Philippines 20 25 30 35 40 45 50 -­ 10,000   20,000   30,000   40,000   50,000   60,000   70,000   Median  age GDP  per  capita  -­ PPP  (US$) Source:  IMF  and  World  by  Map  |    Millennials  defined  as  those  born  between  1980  and  2000 Aging  consumers Millennials   consumers (Over  1/3 of  SEA  pop)   Working-­age  consumers
  11. 11. 11 Source:  National  Statistics    and  http://populationpyramid.net/     With  177  million  individuals,  Millennials  account  for  over  one  third  of  SEA  population #  of  Millennial  Individuals  (defined  as  those  born  between  1980  and  2000) Indonesia ThailandSEA 177  Million 19  Million89  Million Philippines Vietnam 36  Million 34  Million 35% 38% 35% 36% 28%
  12. 12. 12 Millennial  generation  poses  significant  different  portraits  versus  older  generations   Social    and   geographic  shifts Tech-­Savvy  Online Millennials  spend  4.6  hours/day  online.   They  use  digital  platform  for  research. Marriage  delay   Sharing  economy Higher  Education Changes  in  career   choices Different  lifestyles • Seek  for  greater   convenience • More  going  out • Open to  new  things • Go  premium but  value   for  money Source:  The  Council  of  Economic    Adviser  |  15  Economic  Facts  about  Millennials  
  13. 13. The  mindset  of  Millennials  is  different  from  that  of  older  generations  in  many  aspects 13 48 60 The  internet  has  changed   drastically  the  way  I  enjoy  in   latest  years 65 54 When  I  buy  FMCG  products,  I   always  compare  prices  between   brands  before  buying 35 28 I  believe  in  benefits  claimed   by  products 85 70 I  exercise  regularly  for  better   health Source:  Kantar  Worldpanel |  Lifestyle  Survey  2017  |  Urban  4  cities  &  Rural  Vietnam  |  Millennials  is  defined  as  people  under  40  years  old DIGITAL  AGE PRICE  SENSITIVITY SKEPTICISM HEALTH  HABITS Millennials Older  gen %  OF  HOUSEHOLDS  AGREE
  14. 14. Winning  among  Millennials What  we  have  learnt  about  Millennials? 14 Command  a  strong   emotional   connection Favour   “Advanced   Features” Willing  to  pay  more   for  products  justify   its  worth   Favour Attractive   Packaging Source:  Kantar  Worldpanel &  Kantar  Millward Brown 3x SEA’s  top  20 Millennial  brands  are More  loved  by  Millennials   compared  to  competitors 55% categories  Millennials   buy  are  higher  than  the   average  price Additional  BENEFITS Advanced  FORMATS Better  QUALITY
  15. 15. 15 Major consumer trends
  16. 16. 1 2 3 4 5 5KEY  TRENDS HEALTH  AND   BEAUTY DIGITAL   INVOLVEMENT OMNICHANNEL INDIVIDUALISM CONVENIENCE
  17. 17. DIGITAL  INVOLVEMENT
  18. 18. Asian  consumers  are  now  more  and  more  connected,  internet  access  is  expanding  very  fast   esp.  SEA 18 95 90 88 87 94 93 84 79 67 56 53 50 Internet  Penetration  by  Countries  (%)   (2017) Source:  Internet  World  Stats 6 8 8 13 9 11 13 19 28 36 58 Evolution  of  Internet  Penetration (percentage  points  2017  vs  2012) Source:  United  Nations
  19. 19. 85 75 76 78 76 72 70 65 55 45 40 19 Smartphone  Penetration  by  Countries  (%) (2017) Smartphone  is  also  climbing  across  the  region,  going  mobile  is  the  future 11 13 16 1 5 11 21 22 25 25 30 Evolution  of  Smartphone  Penetration (percentage  points  2017  vs  2014) Source:  Strategic  Analytics  |  Deloitte  |  Mobile  Marketing  Association  France  |    DTAC  |  GSO  Vietnam  |  eMarketer |  ITA  US  |  MIC  |  Telecomasia |  China  Times  |  The  Oxford  Business  Group
  20. 20. Rapid  shifts  in  how  people  communicate  and  get  their  information …from  a  physical  to  virtual  space  and  from  one  way  to  two  way  communication,  driven  by  digital  involvement 20 Consumers are consuming Media the way they want, where they want (content, vehicle, place, time) creating more difficulties to REACH the Consumers. Source:  Google  -­ Consumer  Barometer  2015  -­ Local    Report
  21. 21. HEALTH  &  BEAUTY
  22. 22. What  does  today’s  “Health”  mean  to  Asian  consumers? 22 Source:  Kantar  Worldpanel STRONG  IMMUNE SYSTEM HEIGHT-­WEIGHT BALANCE WORK-­LIFE  BALANCE ORGANIC  &   UNPROCESSED  FOOD MORE EXERCISE SELF-­COOKING NATURAL  &  SAFE   INGREDIENTS FRESHNESS ADDITIONAL  NUTRIENTS &  SUPPLEMENTS
  23. 23. 23 Vietnamese  consumers  remain  their  tremendous  care  for  the  health   92 91 URBAN RURAL § I  worry  about  my  health   more  than  before § I  exercise  regularly  for  better   health 80 83 URBAN RURAL Source:    Kantar  Worldpanel  |  Lifestyle  Survey  |  Urban  4  cities  &  Rural  Vietnam   Source:  Kantar  Worldpanel |  Households  Panel  |  Consumer  Connection  June  2016   |  n=525  in  Urban  4  cities  and  n=100  in  Rural  Vietnam
  24. 24. 24 Health  also  means  a  healthier  beauty § I  am  very  conscious  about  my  appearance 56 55 58 44 50 49 2011 2015 2016 § Nowadays,  I  am  more  concerned  about   mine  and  my  family  weight 71 75 67 68 § I  prefer  to  buy  low/  free  sugar  drinks 61 69 74 54 65 64 2011 2015 2016 51 55 36 40 § I  prefer  to  buy  low  calorie  foods Urban  4  cities Rural Source:    Kantar  Worldpanel  |  Lifestyle  Survey  |  Urban  4  cities  &  Rural  Vietnam   (%  households  agree)
  25. 25. Consumers  crave  for  healthy  foods  with  natural  ingredients,  additional  nutrients  as  well  as   hygiene  products 25 Fortified Liquid  Milk Vietnam Incremental  penetration (2016  vs  2014) +12.8 points Urban  4  cities +10.3 points Rural Source:  Kantar  Worldpanel Growing  healthy  categories   across  Asia Drinking  & Cup  yogurt SOY Soy  milk Bottled  water Cheese Mouthwash
  26. 26. 355 187 397 249 476 338 Average  spend  per  buyer  (000  vnd) They  also  have  greater  focus  on  how  they  look.  Having  more  money,  they  pay  more  attention   to  beauty  products  and  look  for  premium  offers 26 73 73 75 76 2011 2013 2015 2017 Source:  Kantar  Worldpanel |  Lifestyle  Survey  2017  |  Household  panel  |  Urban  4  cities     Facial  moisturizer Sun  protection Nowadays  you  have  to  take   care  of  your  skin  more %  Of  households  agree 2015        2016        2017 2015        2016        2017 Penetration% High  Income Total  Urban  4  cities 29% 34% Make  up 25% 30% Facial  Moist
  27. 27. CONVENIENCE
  28. 28. 28 Consumers  place  less  importance  on  price  and  more  on  convenience  &  speed.  They  value   innovations  that  save  them  time Source:  Kantar  Worldpanel  |  Lifestyle Survey &  Family Form |  Urban 4  Key  Cities Price  is  the  most  important  factor   when  grocery  shopping I  rely  heavily  on  convenience  foods   to  make  cooking  simple  and  quick 77 68 73 66 2010 2017 24 49 24 44 2010 2017 Urban  4  cities Rural 72% 76% I  would  like  to  have  more   products/services  which  can  make   cleaning  tasks  simple  and  quick
  29. 29. Money  rich  and  time  poor  proposing  opportunities  for  ready  to  consume,  ready  to  use   products 29 Home  cleaning  services Quick  effect  products Multi-­purpose  products 1 2 3 Growing  convenient  categories   across  Asia Meal  maker Instant  noodle Bottled  water Instant  rice Canned  food Quick  meal  at  home4 All-­in-­one  products5
  30. 30. Consumers  also  seek  for  greater  convenience  in  the  way  of  shopping 30 Source:  Kantar  Worldpanel  |  Lifestyle Survey &  Family Form |  Urban 4  Key  Cities &  Rural  Vietnam I  like  to  spend  time  just  looking  around   the  shop  before  deciding  what  to  buy I  don’t  mind  traveling  long  distance  to   my  preferred  shop 50 54 49 59 2010 2017 57 51 61 56 2013 2017 It’s  near my  home  or  on  my  way  back  home The  staff are  friendly/  responsive  to  my  request 1 2 3 It  has  good  quality products4 You  can  easily  find  what  you  want5 It’s  convenient to  get  there6 The  store  is  clean Top  6  reasons  for  Urban  4  Cities  consumers  to  choose  a  store
  31. 31. They  drop  their  shopping  frequency  for  FMCG 31 411 361 210 170 107 94 352 385 206 162 103 81 123 95 348 396 204 159 99 78 123 96 330 395 201 155 96 76 123 99 Indonesia Philippines Thailand Vietnam   (Urban) Malaysia China Korea Taiwan 2012 2015 2016 2017 Frequency  overtime  across  Asia Source:  Kantar  Worldpanel   |  Consumer  Insights  Asia
  32. 32. 32 61.2 59.3 60.0 11.8 9.6 7.6 4.2 7.5 7.9 14.8 13.2 12.0 2.0 0.6 0.2 0.9 3.4 8.0 0.1 0.8 2.2 2012 2017 2025F Total  Street  Shops Wet  Market Specialty  Stores   Hyper  &  Supermarkets Cash  &  Carry CVS  +  Minimarkets Online Source:  Kantar  Worldpanel  – Households  Panel  – Urban  Vietnam  4  key  cities  – FMCG  excluding  Gift  – Value%   Proximity  and  convenience  channels  are  leading  the  growth  and  will  continue  to  thrive +0.7 +2.5 +3.3 +1.4 +4.6 +0.4
  33. 33. 33 Minimarts  and  convenience  stores  as  convenient  formats  are  stealing  occasions  from  other   channels  and  growing  ahead  of  the  market  not  only  in  Vietnam  but  across  Asia Source:  Kantar  Worldpanel    |  One  year  ending  September  2017 +27% +14% +14% +7% +5% +5% +3% Vietnam   (Urban  4) Korea Philippines Taiwan Thailand Malaysia China  (Urban) Over  index Under  index Growth  index  vs.  FMCG %  Value  growth  of  minimarts  &  convenience  stores
  34. 34. The  need  for  more  convenient  lives  will  also  support  the  development  of  online  shopping Source:  Kantar  Worldpanel Benefit  of  online  shopping
  35. 35. Global  FMCG  ecommerce  is  driven  by  Asian  developed  markets  such  as  South  Korea,   China,…  and  is  expanding  into  new  Asian  markets  like  Thailand  and  Vietnam 35 19.7% 6.2% 5.8% 0.8% 0.7% 0.8% 7.5% 5.6% 1.5% South  Korea China Taiwan Malaysia Thailand Vietnam UK France US Source:  Kantar  Worldpanel  |  Total  FMCG  2017 Value  Share  of  FMCG  E-­Commerce +41% +52% +36% +68% +109% +74% +8% +7% +5%
  36. 36. INDIVIDUALISM
  37. 37. 37 Grooming,   Active  &  interactive, Convenient  &  Impulsive More  health  concern Subtle  needs   Less  skeptical <  40  YO ≥  40  YO Source:  Kantar  Worldpanel |  Lifestyle  Survey  2017  |  %  agree I  exercise  regularly  for  better  health   I  don't  mind  paying  more  to  purchase  better/new  products I  believe  in  benefits  claimed  by  products   <  40  YO ≥  40  YO 28 35 54 61 70 85 I  am  very  conscious  about  my  appearance   56 50 60 47 I  often  impulsively  buy  products  I  see  on  in-­store  displays   25 20 I  surf  Internet  to  get  updates  about  the  world  rather  than   traditional  media   More  polarization:  Socializing  trend  among  young  adults  and  cocooning  trend  among  seniors   – more  in-­home  indulgence  
  38. 38. 38 Total  Imports to  Vietnam Korea   Japan Thailand +16% +6% Growth  vs  YA Malaysia Indonesia +6% +22% +8% Source:  GSO  Vietnam  &  Kantar  Worldpanel  |  Lifestyle  Survey  |  Urban  4  cities  &  Rural  Vietnam   § I  would  buy  more  international  brand  if  the   price  was  the  same  as  the  local  brands § International  brands  are  of  higher   quality International   Confectionary International   Milk  Powder International   Hair  Conditioner International   Show  Gel With  the  open  door  through  FTAs  and  higher  purchasing  power,  consumers  have  higher   demand  for  quality  and  express  more  preference  towards  international  &  imported  products 53 58 31 35 2013 2017 59 66 30 37 2013 2017 Urban  4  cities Rural
  39. 39. They  also  place  greater  emphasis  on  leisure  and  personal  indulgence 39 I  would  like  to  see  more  new  products   to  ease  my  life URBAN  4  CITIES 59% 44%  in  2010 68% 60%  in  2010 I  am  prepared  to  pay  more  for  products   that  make  my  life  simpler Source:  Kantar  Worldpanel |  Lifestyle  &  Expenditure  Survey  2017  |  Urban  4  cities I  would  like  to  see  more  new  products   to  pamper/indulge  myself 39% 32%  in  2010 %  SHARE  OF  HOUSEHOLD  WALLET  (2017  vs.  2010) Travel/holiday +0.5  pts Entertainment +0.4  pts %  OF  HOUSEHOLDS  AGREE Basic  necessities (housing,  transport,  communication) -­2.6  pts
  40. 40. OMNICHANNEL
  41. 41. 2013 Source:  Kantar  Worldpanel  |  Lifestyle  Survey  2016  &  Households  Panel  |  Urban  Vietnam  4  Key  Cities “I  like  to  buy  all  my  groceries  in   one  shop” Shoppers  are  increasing  their  repertoire  of  stores,  and  for  some  they  nearly  visit  7  channels  in   one  year… Number  of  channels  visited  per  year 6.0 6.3 Among  HHs  agree 6.2 Among  HHs  disagree 6.8 2017 71 70 68 55 57 56 2012 2013 2014 2015 2016 2017
  42. 42. Convenience  – Value  for  Money  – Digital  are  expected  to  be  key  shopper  trends  for  2025 42 Digital Convenience Value  for   Money § MINISTORES § ONLINE § PROVISION  STORES § SPECIALTY  STORES § MOM  &  POP § WET  MARKET § CASH  &  CARRY WINNERS Retailers are  investing in   consumers needs:  Smart   and  aspirational shopper LOSERS Less competitive in   adapting to  shopper needs OmniChannel Old  model
  43. 43. Future  path  to  purchase Crossover shopping will accelerate and Omni shoppers will become more common. Existing e-­tailers will be trying to enter the offline market, and existing offline retailers will be trying to develop their online business. Fusion  of  online  and  offline New  hybrid  models Strategic  partnerships New  technologies Trends  to  shape  future  consumer  journey:
  44. 44. 1.  Fusion  of  online  and  offline 44 Leverage  the  existing  networks  of  brick-­and-­mortar  stores  for  fast  delivery  or  bring  shoppers  back  to  stores  to   pick  up  products  via  online  orders,  smoothing  shopping  experience 7-­eleven  also  hosts  an   extended  marketplace   through  which  customers   can  pay  and  pick  up  in   store   http://www.Shopat7.Com/   Alibaba’s  Hema supermarket   offers  shoppers  a  ‘new  retail’   experience LOTTE  Mart  launches  mobile   shopping  app  “Speed  Lotte”   with  many  incentives  in   Vietnam
  45. 45. 2.  New  hybrid  models Click-­and-­Collect,  Click-­and-­Drive,  grocery  delivery,  subscription  models,  social  commerce 45 Leverage  nationwide  store   footprints  to  expand  click-­and-­ collect  model New  subscription  laundry  brand
  46. 46. 46 Co.op Smile  – A  new  retail  format  that  bridges  the  gap  between  traditional  and  modern  trade  in  Vietnam Franchise  in   partnership  with   current  street  shop   owners Hybrid  format   between  medium-­ sized  street  shops   and  convenience   stores   The  aim  is  to  have   one  store  on  every   corner  of  residential   areas a pick-up point for online orders Allows  shoppers   to  also  pay  utilities   bill  and  wire-­ transfer  money Features  air-­ conditioner  and   parking 2.  New  hybrid  models
  47. 47. 3.  New  data  led  technologies Voice  activated  products    encourage  shoppers  to  give  up  non-­experience  products  in  favour of  auto-­ replenishment.  Virtual  and  augmented  reality  keep  them  more  engaged  in  the  online  shopping  experience 47
  48. 48. 4.  Strategic  partnerships New  blurring  alliances  between  retailers  and  e-­retailers 48 JD.com  and  Walmart   Amazon  and  Whole  Food
  49. 49. In  Vietnam,  the  rising  wave  of  M&A  between  international  giants  and  local  businesses,  blending  global  thinking   with  local  executions 4.  Strategic  partnerships
  50. 50. How  does  the  retail  industry  evolve  today  in  Vietnam?   Though  it’s  currently  not  significant  and  just  at  a  first  step  of  investment,  things  could  be  changed  very  quickly   tomorrow 50 The  integration  of  offline   and  online  and  vice  versa The  rise  of  omnichannel shopping The  evolution  from   independently-­owned   stores  to  retail  chains Offline Online Single Multi Independence Chain
  51. 51. How  is  the  retail  landscape  moving  today  in  Vietnam? 51 Hybrid  franchise   format  between   medium-­sized  street   shops  and   convenience  stores Supermarket Hypermarket Convenience store Minimart Pharmacy Click  & delivery website Click  &   Delivery Supermarket Convenience stores Click & Delivery MOBILE  WORLD BRICK-­AND-­MORTAR  STORES:  Local  players  are  proactively  stretching  their  retail  portfolio  to  meet   Omnishoppers
  52. 52. How  is  the  retail  landscape  moving  today  in  Vietnam? 52 Hypermarket Click  & delivery mobile   app Hypermarket Emart Mall click  & delivery mobile   app Click  & delivery website Hypermarket entertainment complex Click  & delivery website BRICK-­AND-­MORTAR  STORES:  Foreign  players  are  continuously  pouring  money  into  developing  multiformats and  are  expected  to  bring  new  things  for  Vietnamese  shoppers Convenience store
  53. 53. How  is  the  retail  landscape  moving  today  in  Vietnam? Online  orders  are  on  the  rise  with  O2O  (online  to  offline)  delivery  services,  offering  convenience  and  speed 53 PURE  ONLINE   PLAYERS THIRD  PARTIES
  54. 54. How  is  the  retail  landscape  moving  today  in  Vietnam? New  things  are  emerging:  more  players  and  more  store  openings     54 MODERNIZED   SPECIALTY  STORES LIFESTYLE  STORES 27  stores  in  2017 38  stores  in  2017 6  stores  in  2017 Drug  storesBaby  stores
  55. 55. 55 Strong   urbanization  rate,   smaller  family   size,  more  working   women,  younger   shoppers  &  users Higher   aspirations  and   purchasing  power #1 #2 #3 Ministores and E-­commerce   will  still  be  the   fastest  growing   channels #4 #5 #6 #7 Greater  demand   for  convenience   and  quality Making   consumers’   well-­being  a   priority 7  POINTS  TO  REMEMBER Millennials  – hard-­won  future   shoppers Omni-­channel   strategies to  win  omni-­ shoppers
  56. 56. 56 For  further  information   please  contact: Nguyen  Huy  Hoang,  Commercial  Director Mobile:  +84  985247503 huyhoang.nguyen@kantarworldpanel.com Thank  You!

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