HCM City (VNS/VNA) - A recent survey conducted by NIQ, a leading authority in consumer and shopper insights, has uncovered notable changes in shopping behaviour among Vietnamese consumers in 2024.
The survey, titled Shopper Trends, has identified a growing trend of increased discernment and price sensitivity among Vietnamese shoppers, particularly in response to price fluctuations.
While deal-seeking behaviour is on the rise, consumers continue to value trusted brands and high-quality products, and are often willing to pay premium prices for these attributes, the survey reported.
The report indicates that Vietnamese shoppers exhibit a strong loyalty to established brands while also showing interest in exploring private labels, especially for essential household products. Despite being more exposed to new brands and products, shoppers approach these offerings with caution, indicating a shift in consumer behaviour regarding product experimentation.
NIQ emphasises the importance for brands to strike a balance between competitive pricing and product quality to align with consumer expectations. Maintaining this delicate equilibrium is crucial, as consumers place emphasis on both affordability and product excellence.
In addition to these insights, the report highlights critical shifts in channel shopping behaviours and the driving factors behind these changes. An emerging trend showcases an increase in Vietnamese shoppers frequenting convenience stores and channels offering competitive pricing and attractive deals. Moreover, consumers are engaging in more impulse purchasing, deviating from their predetermined shopping lists.
The survey reveals a decline in supermarket visits for fresh food purchases, with a growing number of shoppers favouring smaller-format stores like minimarts and online channels.
Key findings emphasise that while the majority of grocery shoppers plan their purchases, a significant proportion makes impromptu buys during their shopping trips. This underscores the importance of effective in-store marketing and promotional strategies to capture spontaneous purchasing decisions.
NIQ's data indicates that promotions and deals play a pivotal role in influencing impulse buying decisions, with 93% of shoppers purchasing items beyond their initial plans.
With about 30% of shoppers conducting online searches before grocery shopping, maintaining a robust digital presence is essential for retailers. Digital channels serve as valuable touchpoints to provide information, engage with customers, and enhance the overall shopping experience.
The report also notes a significant rise in online shopping in Vietnam, with consumers increasingly turning to e-commerce platforms, super apps, and websites of modern trade retailers. While the shift to online shopping is more pronounced in non-food and personal care products, traditional retail formats remain important for food and beverages. The convenience and safety of contactless shopping have made online platforms a preferred choice for many Vietnamese consumers.
As Vietnam's economy experiences growth, NIQ's insights underscore the dynamic nature of the country's retail landscape and evolving consumer preferences. Understanding and adapting to these trends are crucial for manufacturers and retailers to effectively navigate the market and meet consumer demands. By leveraging these insights, companies can refine their strategies, enhance their digital presence, and implement impactful promotional activities to stimulate growth./.
Factors influencing Vietnam’s FMCG market
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