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Middle-age Vietnamese discretionary spending on the rise

Around 84 percent of middle aged Vietnamese are willing to spend money on pursuing their hobbies and interests, according to a survey by Visa. This is above the Asia Pacific average. Meanwhile, 80 percent of respondents in the survey said they plan to increase spending on out-of-home leisure activities in the next 12 months and 47 percent are planning for a vacation. This reflects growing disposable incomes among middle-aged Vietnamese.

Similarly, the Vietnamese e-commerce market for products targeting middle-aged consumers is experiencing significant growth too, particularly in the fashion sector. This includes clothing, shoes, bags, and wallets for both men and women.

According to Metric.vn, a Vietnamese e-commerce data platform, the total revenue for middle-aged fashion on the five major e-commerce platforms TikTok, Shopee, Lazada, Tiki and Sendo reached VND 316 billion or US$12.4 million or in the first half of 2024. This represents a significant increase of nearly 90 percent compared to the same period in 2023, with over two million products sold. Notably, TikTok Shop has been the key driver of this growth, generating VND 126 billion or US$5 million in revenue.

Furthermore, according to a McKinsey report, the number of people aged 60 and above is projected to reach five million by 2030 in Vietnam, accounting for over 17 percent of the total population. This trend is expected to lead to a significant increase in spending by older Vietnamese within the next decade.

See also: Shopping in Vietnam: Quick Guide 2024

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