Vietnamese Gen Z driving consumption, splurging on 'self-expression' products ft. Yu Young-guk writer@sbs_economy

Vietnam's 1990s generation, having grown up in the aftermath of war, tends to be conservative in their spending habits. However, with Vietnam's recent economic growth, this generation has emerged as a key consumer segment, leading to increased spending. They are particularly willing to spend on products that allow them to express themselves and make a statement. This highlights the difference in consumption patterns between the 1980s and 1990s generations. Examining the changing consumption patterns of young Vietnamese in the beauty, smartphone, and luxury goods markets reveals a strong correlation with Vietnam's economic growth. This shift warrants consideration of its broader impact on the Vietnamese economy.

Following the end of the Vietnam War in 1975, there was a period in the past 20 years where Korean products gained popularity in the Chinese consumer market. At that time, the key consumer segment in China was the 1980s and 1970s generations. This reflects the different social and economic contexts between Vietnam and China.

Vietnam's consumption has become more active as the 1990s generation, children of the 1970s and 1980s generations, has emerged as a key consumer segment. This is closely linked to Vietnam's economic growth. The difference in consumption patterns between the 1980s and 1990s generations provides insight into the impact of Vietnam's economic growth.

Vietnam's young generation is willing to spend on products that allow them to express themselves and make a statement. This is evident in their high interest in smartphones, luxury goods, and consumer products. This consumption pattern reflects Vietnam's economic growth and the increasing consumer desires of the younger generation.