According to the Institute for Economic and Policy Research (VEPR), Vietnam’s economy grew strongly in 2018, recording the best performance over the past decade. Vietnam’s GDP growth rate reached 6.
Urbanisation, faster-paced lifestyles and rapid growth of the middle class lead to constant change in home care purchasing habits. In addition, the development of new retail channels such as e-commerce also causes the competition between global and domestic enterprises to become more intense than ever.
According to the General Statistics Office, Vietnam’s internet penetration reached 67% and continues to increase sharply. Additionally, smartphones have increased to 72% of total phone users accessing e-commerce websites, while 53% of online shopping transactions were made via mobile platforms, indicating that e-commerce grew at a robust pace.
Across all home care categories, Vietnamese consumers are seeking more choice among different types of products and closures that can provide them the most convenience, and especially avoiding wastage is an attractive factor due to the increasing costs of living. Generally, the types and formats of products that can ease consumers’ household workload are expected to record strong growth, with consumers still being wary of the quality of multi-functional products.
As the home care market in Vietnam is reaching a state of maturity, volume demand for home care products will remain stable over the forecast period. On the other hand, value growth of home care products is expected to rise as Vietnamese consumers enjoy rising income levels and urbanisation rates.
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This industry report originates from Passport, our Home Care market research database.