As with its Asian neighbour Thailand, the growth of the older population and the spending power of older Vietnamese will be a powerful economic force over the coming decades.
Here’s some good data and insights from Euromonitor about the Vietnam market.
- The fastest-growing population segment is 70 to 79 years old.
- By 2030, 12.4 per cent of the Vietnamese population will be aged 65 and above, which equates to a market size of 13 million elderly consumers.
- While the over-65 segment is the third lowest-earning age group, with an average gross income of VNĐ57 million ($2,560) in 2018. Their real purchasing power is set to grow the fastest of all age groups up to 2030.
Also some worth-repeating principles about marketing to the ageing consumer;
- There are gaps between the products and services that are currently available and those that older consumers actually want and need.
- Older consumers feel, behave and want to be treated as younger people are. They want branding to focus more on needs, interests and values that include consumer experience, convenience, authenticity and novelty.
- Businesses that adopt more universal strategies rather than applying age labels can effectively win ageing consumers, while also appealing to younger consumers.
It all sounds very familiar, correct and a huge opportunity for enlightened businesses..