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Vietnamese consumers are coming of age in 2023
Tuesday, 6th June 2023
Source : External source

Vietnamese consumers remain optimistic about the economy despite challenges, and are driving premium purchases even as they seek better value.

For the past few years, the middle class in Vietnam has been on the rise, spreading out geographically and growing increasingly diverse.

Consumers are growing in number and becoming more demanding and discerning.

It is estimated that more than half of the Vietnamese population will enter the global middle class by 2035, creating more disposable income and fueling consumption.

Middle-class consumers in Vietnam have generally been optimistic—a sentiment that appears to be prevailing as the country exits a period of economic slowdown and constraint.

Vietnam’s prospects remain strong for the upcoming decade, since GDP growth is on the rise again—with year-on-year GDP growth of 2 to 7 percent expected between 2023 and 2030, McKinsey analysis shows.

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