In 2018, beauty and personal care in Vietnam experienced healthy sales growth, mainly thanks to higher living standards, a gradual increase in the average income and the strong development of social networks. This along with strong GDP improvement brought Vietnam to see the second-fastest value growth rate within Asia Pacific, according to the World Bank in 2018.
In 2018, social networks and websites became the de facto optional method and medium to both advertise and spread word of mouth, and thus more brand awareness, for companies looking to increase their market share and penetration of their products. The internet also presents exciting new ways for companies to interact with customers, and perhaps more importantly, make them better able to react quickly to the latest trends and interests and adjust accordingly to consumer wants and demands.
In the review period, people willingly spent money on travelling, apparel, beauty and personal care products, including premium brands as well. Indeed, premium beauty and personal care witnessed strong value growth mainly thanks to the brighter economy, gradually increasing average income, higher living standards and strong development of social networks.
Vietnamese consumers have become increasingly conscious about using products deemed safer for health and public consumption and they are increasingly purchasing products marketed as “natural” and/or organic, in spite of their normally higher price tags. Bad press and thus increased public awareness about the possible toxicity and adverse short- and long-term health effects of beauty products containing artificial chemicals has helped this trend gain traction.
Value sales of beauty and personal care are expected to rise over the forecast period, influenced by the rising spending power and improved standards of living. Secondly, influence from social networks as well as the globalisation process will further enhance people’s standards in general and specifically in beauty and personal care, such as Korean and Western make-up promoted by famous YouTubers from all over the world.
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Discover the latest market trends and uncover sources of future market growth for the Beauty and Personal Care industry in Vietnam with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Beauty and Personal Care market research database.