A Global Consumer Insights Survey 2023 report that PwC recently released showed that 62 percent of Vietnamese consumers will cut non-essential expense items, lower than the global average level of 69 percent.
Meanwhile, 54 percent of consumers plan to spend less money on luxury items, 42 percent less on tourism and 38 percent less on electronics.
Only 18 percent of Vietnamese consumers plan to cut spending on groceries and food, lower than the average global level of 24 percent.
Sixty-four percent of consumers intend to shop online more regularly and most expect more omni-channel shopping experiences, but they still prefer offline shopping where they can examine the quality of products.
Of those surveyed, 95 percent said they are willing to spend more money on products ordered specifically on demand, and 95 percent for products with a clear origin.
Regarding the trend of using Metaverse as a shopping channel, it is only in the early stage of development, but Vietnam ranks second in Asia among the countries with the highest desire to experience Metaverse related activities (India 48 percent, Vietnam 43 percent and Hong Kong (China) 42 percent).
While online shopping has grown rapidly, consumers have worries about data privacy. The majority of Vietnamese consumers (70 percent) said they are extremely concerned when making shopping interactions with social media platforms (63 percent) and tourism websites of third parties or information portals (59 percent).
PwC said enterprises should prioritize and serve clients better and contribute to a future with sustainable consumption.
The priority order is as follows:
Making-a-difference strategy: focusing on developing the products with suitable features to satisfy the increasingly high demand from consumers.
Paying high attention to ESG (environmental, social, governance) factors: making the best of technology in collecting, reporting and communicating about sustainability, while promoting honesty and transparency in business.
Accessing customers based on databases: gathering data on consumer demand and behaviors at different moments, developing sales messages from a data-driven marketing strategy.
The other solutions include the investments in future supply chains, encouragement of renovations and digital transformation to help cut down costs.