Women can make or break Vietnam’s F&B industry
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With more women spending more on eating out, they have become linchpins of the F&B industry, a study indicates. A new survey by HCMC-based market research firm Decision Lab finds that female consumers can make or break the food and beverage industry of Vietnam.
Average visits per capita by female consumers to the out of home food and beverage market has increased by 5 percent during last year, from 121 between the fourth quarter of 2016 and the third quarter last year to 128 between the fourth quarter last year and the third quarter this year.
Women have also increased spending on almost all major food channels in Vietnam, namely full service restaurants (FSR), or sit down eateries where food is served directly to the customers’ table, and quick service restaurants (QSR), where table service is minimal and the typical fare is fast food, street food, convenience stores, canteens and bars.
As a result, women’s contribution to the out of home market revenue has increased by a whopping 10 percent.
Among the women themselves, the 15-34 year-old segment accounts for 82 percent of the visits in the out of home market, and more than half of those by white-collar workers. Students are also seen as the driving force of female visits at 25 percent.
As such, Decision Lab points out that the growing influence of women on the foodservice market is real and the industry would be well advised to use female-friendly messages to increase the traffic.
According to market research firm Vietnam Report (VR), Vietnamese spend more than a third of their income on food and beverages, topping education and utilities.
VR said the food and drink market has become more exciting in recent years with the entry of technologies such as phone apps that allow users to find nearby restaurants and order deliveries.
Food and beverages were two of the 10 most bought products online last year, it said, citing data from market research company Nielsen.
Questions & Answers
Q.Which age group among women contributes most significantly to visits in the out-of-home F&B market?
Which age group among women contributes most significantly to visits in the out-of-home F&B market?
Women aged 15-34 account for 82 percent of visits in the out-of-home market. This segment includes a substantial number of white-collar workers and students, who are noted as a driving force.
Q.How much has women's contribution to the out-of-home market revenue increased?
How much has women's contribution to the out-of-home market revenue increased?
Women's contribution to the out-of-home market revenue has increased by a significant 10 percent. This growth is a result of their increased spending across almost all major food channels.
Q.Which market research firm conducted the survey highlighting women's influence on Vietnam's F&B industry?
Which market research firm conducted the survey highlighting women's influence on Vietnam's F&B industry?
The survey indicating female consumers' ability to make or break Vietnam's food and beverage industry was conducted by HCMC-based market research firm Decision Lab. Their findings suggest a real and growing influence.
Q.How do Vietnamese consumers typically prioritise their spending on food and beverages compared to other expenses?
How do Vietnamese consumers typically prioritise their spending on food and beverages compared to other expenses?
Vietnamese consumers spend more than a third of their income on food and beverages, according to Vietnam Report. This expenditure tops what they spend on education and utilities, showing a high priority.
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