Each generation comes with a unique set of behaviors and presents a unique set of opportunities for those looking to reach, engage, and turn them into loyal consumers. For the last decade or so, Millennials, or Gen Y, have been the generation for brands to engage with as their spending power grows ever higher. But now is the time for fast-moving consumer goods (FMCG) brands to shift their focus to the following generation – Generation Z (12 to 21 years old). Why? In Vietnam, by 2025, Gen Z will account for around 25 per cent of the country’s workforce, which translates into 15 million potential consumers. The first half of 2018 was tough for all FMCG but the market began to see signs of recovery in the third quarter in almost every category and this momentum is expected to endure. To maximize the potential for growth, manufacturers and retailers can no longer rely on organic growth, and need to put much more effort into driving innovation and excellence. As seen in many other markets around the world, Vietnam will also rapidly move towards the modernization of trade and retail infrastructure but possibly evade some of the challenges developed markets have… Read full this story
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