A recent report from Nielsen Market Research finds that 48% of Vietnamese consumers buy premium products online from local retailers, with cosmetics the top category.
Although 69% of survey respondents said that they still purchase their premium products at physical stores, the ratio of Vietnamese buying online at 48% was higher than the global rate of 45%. The survey also found that 27% of Vietnamese respondents were inclined to buy online from overseas e-retailers, and that 23% travel overseas in order to buy premium goods.
Cosmetics are the top premium products that Vietnamese consumers spend their money on, according to 46% of respondents, followed by clothing and shoes at 44%, electronics at 43%, body care items at 41% and meats and seafood at 38%.
When it comes to premium products, Vietnamese consumers leading consideration in purchasing premium product that are high quality, according to 65% of respondents, and provide superior performance according to 58% of respondents.
Almost two-thirds of respondents said that the seek premium products that contain environmentally friendly materials or natural/organic ingredients.
When it comes to trying new premium products, Vietnamese rated peer recommendations as the most influential factor with 46% of respondents saying that the recommendations and encouragement by friends and family influenced their decision. Other key factors influencing the products that they buy are product research – 46%, online advertising – 42%, television advertising – 39%, and in-store advertising – 39%.
Another finding by Nielsen is that despite dramatic increases in personal saving rates, Vietnamese consumers are willing spend money on big-ticket items such as new clothes, holidays or out-of-home entertainment.