All in one report. Obtaining insights into models that are most similar to our own eases our analysis. to incorporate the statistic into your presentation at any time. Accessed January 03, 2023. https://www.statista.com/statistics/534123/e-commerce-share-of-retail-sales-worldwide/, eMarketer (@eMarketer). GfK adapts to our specific needs with customized shopper studies and supports us with necessary insights when we need them. If you are an admin, please authenticate by logging in again. The good news? And by 2030, it may be home to about 400 million households with upper-middle and higher incomes roughly as many as in Europe and the US combined. Profit from the additional features of your individual account. With a young population open to new experiences, the food and beverage industry trends in Vietnam 2022 will play an important role in economic growth. Vietnams growing middle-class population reflects the countrys compound annual GDP growth rate of five percent over the past 20 years, which is 1.7 times faster than the global average. In fact, there are 76.95 million social media users in Vietnam as of January 2022. F&B spending is also likely to increase as tourists return to Vietnam. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook Special attention is given to EVs, which is in part due to governmental support of the purchase of said vehicles through the granting of subsidies, payment plans, etc. We can also observe that urbanization trends and the increasing formalization of the countrys F&B industry are positively impacting the sectors growth. 5 key considerations and action points for executives. Given changing lifestyles and socio-cultural norms, the younger population is more inclined to eat out and share their stories and experiences on social media as in the rest of the world. Dont miss GfKs expert take on Black Friday Tech and Durables sales! Understanding how to connect and resonate with consumers is key to capitalising on these opportunities while contributing to sustainable development. Besides, Vietnam also has a fast-growing middle-class population and sizeable youth demographic. We also maintain offices or have alliance partners assisting foreign investors inIndonesia,India,Singapore,The Philippines,Malaysia,Thailand,Italy,Germany, and theUnited States,in addition to practices inBangladeshandRussia. businesses establish, maintain, Morgans FastForward virtual forums have identified the five overarching trends regardless of region that we believe will influence how businesses across all industries position themselves for growth for the year ahead. The household consumption rate is a great way of understanding consumer spending; in China household consumption is roughly 38 percent of the nations GDP, which is lower than the 50 percent for the entirety of the AsiaPacific region, 52 percent in the European Union, and finally 68 percent in the United States. China is a main market for other products geared towards consumers with medium to high income and luxurious lifestyle for example, luxury goods, premium beauty and personal care products, and high-end cars. The Indian ecommerce market is one of the top 5 fastest growing countries in the world, sitting at 25.5% growth in sales in 2022. Cash reached the lowest rate in 2022 as a portion of consumer payment value at 22% as consumers turn to electronic and card alternatives. Nonetheless, the next year is crucial to consumption growth in Indonesia, with fears of global inflation, and political change in Indonesia as elections are around the corner. We are on a mission to drive sustainable growth for our people, our clients and the world around us. It was Shein, a Chinese e-commerce company founded in 2008. In October, CloudEats (Philippines) raised US$5 million in an oversubscribed Series A to help fund expansion into 2 new Southeast Asian markets including Vietnam over the next 12 months. By Karen Haywood Queen 12.28.2022. Tax, Accounting, and Audit in China 2022-23, Intellectual Property Protection - Cornerstone of your Entry Strategy in China, Shanghai Lockdown - Employee Social Security, Income Tax, Visas, debt crisis, demographic drag, and international isolation could all keep China stuck in perpetual second place, China ESG Reporting New Measures on Disclosure of Enterprise Environmental Information, Opportunities for Australian Businesses in China in 2022, Dezan Shira & Associates' Service Brochure, Human Resources and Payroll in China 2022, An Introduction to Doing Business in China 2022, Annual Audit and Compliance in China: Get Ready for 2022, Learn to grow your business and help regrow Asia's forests, Chinas Biggest, Sustainable 2022 Consumer Trends. Estimates suggest that somewhere between 20 percent to 48 percent of household income is spent on food and beverage consumption. Explore the infographic below and make sure you stay ahead with weekly insights. Tourism is another sizeable contributor to Vietnams food and beverage industry. Target your most valuable segments to improve brand strength, optimize your marketing, and drive ROI, Know what is selling where, when, and at what price based on robust point of sale data, Discover your target customers to understand how they think, act and buy, Measure who is consuming which media, when, how often, and on which platforms and devices. The resumption of dine-in services and the recovery of domestic demand were cited as key drivers. During the pandemic, consumers have become more sensitive to the environmental impacts of their shopping decisions, and consumer companies are responding. In this article, we explore the driving factors behind the growth of Vietnams food and beverage industry. This is deemed another possible driver of online food delivery in the years to come. The refinancing of this involves removal of the sovereign guarantee from the Government and insurance cover in support of the existing debt financing by mobilizing private capital. In September 2022, the CFPB took action against Regions Bank for charging surprise overdraft fees known as authorized positive fees. This article looks at the key trends shaping the industry, including health and functionality, innovation in the plant-based segment and the increasing demand for experiences within the home as well as convenient solutions that can aid the cooking journey. Meanwhile, e-commerce giants like Tiki and Shopee, along with supermarket chains like VinMart and BigC, started or enhanced their home delivery offerings. IMARC contends that the current growth rate will be sustained and that the market will be worth a huge US$1.55 billion by 2027. There are 82,000 fast food restaurants in Vietnam according to the Vietnam Cuisine and Culture Association.There are also an additional 430,000 traditional diners, and 10,000 other restaurants, bringing the total number of food and beverage establishments to 550,000. Underscoring this shift, Gartner indicates that worldwide spending on public cloud services will total $397.5 billion in 2022, an increase of 47% since 2020, according to research firm Gartner. Empowering brands and their leaders to be their best with trusted market intelligence, technological innovation, science, and human ingenuity. To use individual functions (e.g., mark statistics as favourites, set This is enhancing the demand for organic products in combination with the desire for healthier diets. This gap is explained by a higher savings rate in China than those countries, something seen as traditional in Chinese culture, and even associated with spending in real estate by many households. With inflationary pressures top of mind for consumers heading into the holiday season, promotional campaigns are critical for companies, but aggressive discounting can cut into already thinning margins as well as dilute brand image. Curiously enough, other value-added or high-end services are yet to be demanded by this category of Chinese consumers, such as wealth management and cruise services China buys less than the global average and its sector share of global GDP accounts for less 10 percent of said average. By 2030, it is expected that about the same number of people will join the consuming class and climb up the income pyramid within it, as per data analyses by McKinsey & Company. The first posted video became viral very quickly and reached an audience of over 5 million people. How big is the food and beverage market in Vietnam? Our in-depth writing covers the companies, people, catalysts and trends that create the richly textured contours of the health care and drug industry. Readers may write tovietnam@dezshira.comfor more support on doing business in Vietnam. (July 29, 2022). WebDive into what to expect this holiday season, from our holiday retail sales forecast to our latest consumer surveys. The figure represents a year-on-year increase though it is 1.79 percent lower than in the first quarter of 2019. An Introduction to Doing Business in Vietnam 2022 will provide readers with an overview of the fundamentals of investing and conducting business in Vietnam. Subject to varying requirements, all foreign entities in Vietnam are required to comply with statutory audit procedures outlined in the law and clarified by Dezan Shira & Associates brochure offers a comprehensive overview of the services provided by the firm. See how IKEA impresses its customers and improves its brand experience with GfK consumer insights data. Please do not hesitate to contact me. eMarketer (@eMarketer). As shoppers show how quickly they can adapt to external shocks, retailers will need to radically reconfigure their business models. Our recent Voice of The Consumer: Lifestyle Survey indicates that over 30% of consumers in Europe intend to put more money aside for savings in 2022. Vietnam is set to increase regional minimum wages by an average of 6 percent from July 1, 2022, after almost two and a half years due to the pandemic. Despite the setback of the pandemic, Fitch Solutions still expects the countrys disposable incomes to continue on this growth trajectory in the medium term (2020-2024). PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. For its part, market intelligence group IDC forecasts total worldwide spending on cloud services will exceed $1 trillion in 2024. As people decide to buy domestic products out of patriotism and perceptions of greater quality, an increasingly polarised world may impinge on international brands. According to e-wallet player Payoo, sales in Vietnams F&B industry were up 50 percent year-on-year in the first quarter of 2022. In recent years there has been much discussion on an academic and public level of when the Chinese economy will overtake the United States and render China officially the wealthiest, and by consequence, the most powerful country in the world. The industry may need to redouble its investment in the infrastructure that ensures data privacy. 0; Vietnam pulls off Asia's fastest growth. businesses establish, maintain, China displays a high consumption pattern in areas such as fashion, accessories, consumer electronics, and electric vehicles (EV), in proportion to its share of national GDP. China represents 40 percent of world spending on EVs, and the investment in these products continues to grow at a rate of more than 7 times faster than the average global rate. Or learn more about our privacy policy and how we use and store your data. Mapletree Logistics Trust (Singapore) agreed to spend S$1.4 billion (US$1 billion) to acquire 17 warehouse assets spanning 1.2 million m in China, Vietnam, and Japan. These 10 consumer trends will change the business landscape once again, but by keeping these newfound changes at the forefront of your strategy, youll be best positioned to succeed in 2022. If you are happy with this select "Accept All". They are: McDonalds, KFC and Burger King. During our 80+ years, our progress as a company relied on extraordinary people who grow with us and pioneer disruptive methods. The growth of Chinas middle class is well known; while this is slowing down it is still relevant. The practice assists foreign investors into China and has done so since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. It is predicted that 40 percent of Vietnamese people will live in cities in 2025, up from around 20 percent in 1990. Smarter Edge Equals Smarter Living Using AIoT. WebThe global wound care market size was valued at USD 20.6 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.1% from 2022 to 2030.The demand for wound care and wound healing products is increasing owing to increasing number of surgical cases, and rising prevalence of chronic diseases across the globe At the same time, over 50% of surveyed Europeans report value for money as a factor of choice when buying household essentials. Explore the findings of our annual consumer behaviour survey of over 21,000 online consumers in 27 territories across the globe. The pandemic and accompanying restrictions pushed grocery shopping online in Vietnam. This middle class is further expected to grow, spreading out geographically and becoming more diverse. (See A Survey Designed to Uncover Future Consumer Trends.) Our site uses cookies to improve functionality. WebThe conversation highlights market trends, best practices, common pitfalls, and the impact of the Inflation Reduction Act. China Briefing is written and produced by Dezan Shira & Associates. Democrats hold an overall edge across the state's competitive districts; the outcomes could determine which party controls the US House of Representatives. We look at some of the prominent consumer trends in China and spending patterns among its mid- to high-income groups and highlight sectors with potential for consumption growth. ", eMarketer (@eMarketer), E-commerce as percentage of total retail sales worldwide from 2015 to 2021, with forecasts from 2022 to 2026 Statista, https://www.statista.com/statistics/534123/e-commerce-share-of-retail-sales-worldwide/ (last visited January 03, 2023), E-commerce as percentage of total retail sales worldwide from 2015 to 2021, with forecasts from 2022 to 2026, Available to download in PNG, PDF, XLS format, Global retail e-commerce revenue 2022, by region, E-commerce as share of total retail sales worldwide 2015-2021, with forecasts to 2026, Fastest-growing retail e-commerce countries 2022, E-commerce retail sales CAGR 2022-2025, by country, Domestic and cross-border e-commerce revenue share 2022, by country, Leading internet and online services companies worldwide 2022, by market cap, Revenue CAGR of selected online service company verticals 2020-2022, Leading online marketplaces worldwide 2022, by market cap, Leading vertical e-commerce companies worldwide 2022, by market cap, Leading global online marketplaces 2021, by GMV, Leading online retailers worldwide 2021-2027, by sales, Main electronics, office, and leisure e-retailers worldwide 2022-2027, by sales, Leading health, beauty, and personal care e-retailers worldwide 2022-2027, by sales, Leading household and pet care online retailers worldwide 2021-2027, by sales, Leading edible grocery online retailers worldwide 2021-2026, by sales, Leading e-commerce and shopping websites worldwide 2022, based on visit share, Leading retail websites worldwide 2022, by traffic, Distribution of online purchases worldwide 2022, by channel, Pages seen at buying session 2021, by vertical, Global online shopper conversion rate 2021-2022, by region, Global online shopper conversion rate 2022, by region and device, Global conversion rates in selected verticals 2022, Global online retail website visits and orders 2022, by device, Global online shopper per visit spend 2022, by category, Main sources for online shopping inspiration worldwide 2022, Leading online sources for product searches worldwide 2022, Number of reviews online shoppers read before making a purchasing decision 2019-2021, Main benefits of online shopping worldwide 2022, Main disadvantages of online shopping worldwide 2022, Preferred ways to shop online worldwide 2021, by category, Global e-commerce payment methods 2021 & 2025, by share of transaction volume, Global e-commerce payment methods 2021, by share of transaction volume, Quarterly number of PayPal payments 2014-2022, Square quarterly gross payment volume 2015-2022, E-commerce share of retail sales in Singapore 2015-2025, Market value of e-commerce logistics in Vietnam 2018-2022, Annual e-commerce market growth in Russia 2018-2025, E-commerce share of retail sales in Malaysia 2015-2025, E-commerce share of retail sales in the Philippines 2015-2025, Indonesia: forecasted e-commerce share of retail sales 2014-2019, Japan: e-commerce share of retail sales 2014-2019, Asia Pacific: e-commerce share of retail sales 2014-2019, E-commerce sales as share of retail sales Australia 2014-2019, Turnover indices for retail trade via mail order or internet Finland 2006-2016, Social ecommerce GMV growth in China 2016-2021, Year-on-year growth of GMV of Chinese luxury goods platform Secoo 2013-2017, U.S. online shopper ranking of their last e-commerce delivery experience 2018, Canadian online shopper ranking of their last e-commerce delivery experience 2018, Online retailing HW products market share in Japan 2012-2016, Total annual revenue of top-100 online retailers in Russia 2016-2021, Consumer shift to e-commerce spends in quick service restaurants UAE 2016-2019, Online shopping penetration rate of fresh groceries in China 2016-2025, Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre. With a population of around 100 million & the PWC forecast that it will be the strongest growing economy in the world until 2050, Vietnam is definitely a rising dragon. Please contact the firm for assistance in China at china@dezshira.com. Which pricing strategy should you use in times of stagflation? Some of that potential is starting to be realized in the case of wealth management and financial services in recent years. Yet, only 10% of businesses communicated sustainability information successfully with them. The firm assists foreign investors throughout Asia from officesacross the world, including inHanoi,Ho Chi Minh City, andDa Nang. Using gfknewron Predict improves the accuracy of our competitive assessment. With the impact of Covid-19, the global supply of coffee is restrained drastically which impacted the relative coffee prices at consumer end. Online food delivery from food cooperatives or restaurants also grew during the pandemic. A Payoo spokesperson told VN Express that revenues were likely to increase further in Q2 as the pandemic eases and people become more comfortable eating out. Notably, trust is indispensable in an omnichannel worldperhaps even more so as consumers move into the metaverse. By 2030, 60 percent of urban consumption is projected to be driven by upper- middle-income consumers (with annual household incomes ranging from RMB 160,000/US$25,200 to RMB 345,000/ US$54,400 in real 2020 terms), compared with 35 percent today. By combining GfKs unrivaled human expertise, proprietary data insights and AI-backed technology, we provide strategic consultancy services and empower our clients to achieve sustainable brand growth and ROI optimization. including the most recent legal, tax and accounting changes that affect your business. A glance at Vietnams e-commerce market in 2021 A recent report on the e-commerce market by Lazada noted that, despite challenges caused by the Covid-19 pandemic, 2021 was considered a prosperous year for the digital economy across Southeast Asia, in which e-commerce was the main growth driver. Another thing that should also be mentioned is how Chinese brands are becoming more present in international markets and are fighting toe-to-toe (and sometimes even winning) against foreign brands. Includes products or services ordered using the internet via any device, regardless of the method of payment or fulfillment; excludes travel and event tickets. GfK's triangle of relevant measured purchase data, reliable shopper insights and consulting expertise helps us to leverage specific category potentials. We also have partner firms assisting foreign investors in The Philippines, Malaysia, Thailand, Bangladesh. For companies that can manage multiple disruptions concurrently, there may be an opportunity in this era of seemingly perpetual upheaval. That is considered the point by economists when people are members of the consuming class as they are able to afford some discretionary goods and services on top of basic necessities. Vietnams F&B industry is facing labor shortages and rising costs but is nearing a full recovery after the pandemic. The F&B industry can avail of such platforms to create promotional content, interact with the foodie community, and convert likes and shares into new customers. You need at least a Starter Account to use this feature. The reality is that the Chinese economy with all its 1.4 billion consumers is the market to watch now, and the trends and decisions made by these consumers on what, when, how, where, and why to buy will especially impact countries whose economies depend on how much the Chinese buy from them. While the paths taken by companies to respond to rising cost include lowering margins, reducing pack sizes, changing packaging, and replacing ingredients, among others. and grow their operations. Global consumer trends for 2023. However, from a relatively moribund 2021, there are signs that things are starting to come back to life as concerns investment into Vietnam. Dezan Shira & Associates has offices in Vietnam, Indonesia, Singapore, United States, Germany, Italy, India, and Russia, in addition to our trade research facilities along the Belt & Road Initiative. WebJ.P. It is the undisputed leader in EV purchase. How PepsiCo DACH continuously measures buying patterns to plan go-to-market strategies. WebResearchGate is a network dedicated to science and research. So, what are the biggest consumer trends for China in 2022? Doing Business in China 2022 is designed to introduce the fundamentals of investing in China. The underbanked represented 14% of U.S. households, or 18. WebThe global wound care market size was valued at USD 20.6 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.1% from 2022 to 2030.The demand for wound care and wound healing products is increasing owing to increasing number of surgical cases, and rising prevalence of chronic diseases across the globe As of 2020, the average household now has a disposable income of US$4,890, while the per capita disposable income is estimated at US$1,910. Vietnams F&B industry is characterized by the prevalence of smaller companies. You are on the global GfK website. But if inflation continues to boost prices, consumer commitment to ESG values may falter. Yet, long-standing trends are expected to stand in good stead for Vietnam as its economy reopens. As an example, this countrys GDP represents between 10 to 15 percent of total consumption of packaged food, home care products, as well as mass beauty, personal care, and other health products. Companies also use tax incentives as a useful Over the last few months, China has been quickly expanding the pilot program on electronic special value-added tax (VAT) fapiao (hereafter special VAT Dezan Shira & Associates helps Mass-market brands can earn premium prices -- here's how. Vietnam Briefingis produced byDezan Shira & Associates. So, what are the biggest consumer trends for China in 2022? The Vietnam construction industry is one Retailers seeking to build trusted relationships with consumers need to invest in data analytics to better understand customer wants and needs, as well as their behaviours. Consumers reactions to inflation differ depending on income level, price sensitivity and brand loyalty. The firm assists foreign investors throughout Asia from officesacross the world, including inHanoi,Ho Chi Minh City, andDa Nang. The strong increase in prices of packaged food and fresh food is directly linked to a rise in costs of production, including raw materials, commodities, labour, energy and transportation. Delivery apps also allow customers to peruse multiple menus and explore new cuisines without necessarily visiting the restaurants in question. Vietnam Briefingis produced byDezan Shira & Associates. Those who have a checking or savings account, but also use financial alternatives like check cashing services are considered underbanked. Now that people have settled into new behaviours, business as usual is Our December 2021 Global Consumer Insights Pulse Survey finds that consumers outlook is brightening, boding well for retail and consumer companies. facts. This means that there is a potential market growth opportunity to be explored. Photo communities like Facebook, Instagram, or Pinterest would mean endless opportunities for F&B brands to increase their presence. Compiled by the professionals at Dezan Shira & Associates in With the scope and penalties of Chinas social credit system being further clarified in 2021, legal and regulatory compliance has become more important than As a legitimate tool for reasonable tax planning and cost saving, tax incentives play an important role. (Showing answers only from respondents answering occasionally, frequently or almost always). Meanwhile, compared to Generation X and Y, Generation Z had higher usage of international platforms, such as Instagram, Tiktok, and Pinterest. the design process translates trends into products that meet the needs of today's demanding consumer. Get ready for the biggest trends of the year. Heres where many retailers and consumer goods manufacturers need to adapt most urgently: If retail companies had any doubt that they need to reach consumers across all channels, the pandemic, gnarled supply chains and inflation have made the imperative clear. Global Economy 2023: What are the key recession risks? Something natural when you are the worlds second biggest importer. By Stefani Munoz 12.29.2022. Read more . Central Vietnam boasts of strong flavors enhanced by chili peppers and other spices. Vietnamese customers are becoming increasingly willing to pay higher prices for organic foods, environmentally conscious options, and foreign products. Understand how strategic pricing can reframe value for your company now. How Unilever has refined its understanding of todays sophisticated online buyers to enhance performance by channel and category, How Char-Broil measures and manages brand health and performance using sales tracking intelligence and ad-hoc studies from GfK, A tactical and strategic planning tool for UK's market leader, Anticipating and reacting to market and business trends with gfknewron Consumer and Predict, Understanding, predicting and maxmizing changing consumer behavior with gfknewron Consumer, Philips puts market intelligence at the center of its personal care category strategy in the MENA region. 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