Vietnamese consumers increasingly tighten spending, a challenge for the F&B industry

Decision Lab, a unit specializing in evaluating and optimizing digital marketing, has just published a report on the F&B market in Vietnam. Of which, 84% of those surveyed are tightening their spending. This could be a challenge for the F&B industry in the last months of the year.

According to a report by Decision Lab, Vietnamese people are becoming more cautious in managing their personal finances and spending on eating out. This is an inevitable trend in the context of the economy facing recession and rising living costs.

Vietnamese consumers tend to tighten spending and be more cautious when eating out. This will pose challenges for F&B businesses (Photo TL)

In a survey by Decision Lab, up to 84% of participants set spending limits for themselves. Among them, the Gen Z group (young people born between 1997 and 2012) is leading with 49% of survey participants saying they are strictly controlling their spending on eating out, much higher than other age groups.

Additionally, 42% of respondents said their financial situation has improved. 63% of consumers expect their financial situation to improve in the next 12 months. However, this financial improvement will not be used for non-essential expenses, including eating out.

Regarding Vietnamese people's eating out activities, Decision Lab said that 57% of consumers prefer to drink at coffee shops and milk tea shops. This activity also occupies a high position in the top 10 most popular outside social activities of the people.

This is followed by dining at street stalls, small alley stalls and restaurants with 48%, 48% and 43% respectively. Local eateries are often the first choice of people, making the challenge of emerging F&B brands even more obvious.

Factors that are highly appreciated by users in the F&B field include: 52% of respondents choose food quality; 47% choose service quality and staff professionalism; 44% choose brand.

Interests in the F&B sector also differ by age. Millennials (1981-1996) are more concerned with the quality of food and the atmosphere in the store. Meanwhile, Gen Z (1997-2012) are more concerned with price.

Source: https://www.congluan.vn/nguoi-tieu-dung-viet-ngay-cang-that-chat-chi-tieu-thach-thuc-cua-nganh-fb-post316343.html