Vietnam sees record growth in luxury goods consumption
In 2023, the luxury goods market in Vietnam will have a turnover of $957,2 million and will grow at an annual rate of 3,23% over the period 2023-2028. Vietnam, with record economic growth, is emerging as the new frontier of the super-rich.
Such forecasts were made by Statista, a statistical market data portal, and according to Fashionmagazine journalists, they explain why many luxury brands such as Dior, Louis Vuitton, Tiffany & Co., Berluti, Santoni and Gianvito Rossi are starting to invest in the country through trusted local partners. such as Dafc.
Luxury hotels like Four Seasons, Fairmont, Waldorf Astoria or Ritz Carton will soon open in Hanoi. According to Nick Bradstreet, director of Asia-Pacific retail at Savills, Vietnam, along with Singapore and Thailand, is seen as one of the most important markets for the luxury sector.
Vietnam will continue to be one of the fastest growing economies in Asia: according to a World Bank report, Vietnamese GDP growth forecasts, despite the difficult global situation, are 6,3% for 2023, with an average annual growth target. , for the period 2021-2030, by 7%. By 2050, nominal GDP per capita is projected to be between $27 and $000.
The population of 97 million includes a middle class estimated at 33 million (Boston Consulting Group) to 44 million (Nielsen), back in 2016, the middle class in Vietnam was estimated at 15 million. It is this middle class that is driving the rapid evolution of consumption.
In 2023, the luxury goods market in Vietnam will have a turnover of $957,2 million and will grow at an annual rate of 3,23% over the period 2023-2028. Vietnam, with record economic growth, becomes the new…
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