Lifestyle Economy: New Growth Driver of Ho Chi Minh City

Kinh tế Lifestyle: Động lực tăng trưởng mới của Thành phố Hồ Chí Minh - Ảnh 1. — Ho Chi Minh City at night. (Photo: Hong Dat/VNA)

In the context of Ho Chi Minh City aiming to become a creative and livable city by 2030, Lifestyle Economy is considered a new approach to help improve the quality of life, promote creative consumption and create urban identity.

The information was given at the workshop "Lifestyle Economy - New growth driver of Ho Chi Minh City" organized by Tuoi Tre newspaper in coordination with the Department of Industry and Trade of Ho Chi Minh City on December 5 in Ho Chi Minh City.

According to Mr. Tran Xuan Toan, Deputy Editor-in-Chief of Tuoi Tre Newspaper, lifestyle economy has a strong presence globally and has begun to develop in Ho Chi Minh City in recent years.

This is a trend where users personalize their experiences, from dining, shopping, traveling , etc., leading to a diverse ecosystem of products that meet these requirements.

Although it is behind and not as developed as many big cities in the world such as Korea or Singapore, Ho Chi Minh City has a lot of potential to develop Lifestyle economy, which can bring a "new breeze" to Ho Chi Minh City's economy and a new direction for many businesses.

Sharing the same view, Associate Professor, Dr. Dinh Tien Minh, Senior Lecturer, Head of Marketing Department, Faculty of International Business and Marketing (University of Economics, Ho Chi Minh City) said that currently the economy is shifting from goods to services and experiences, Lifestyle economy is the next step when consumers not only buy experiences but also buy products/services to shape and affirm their "identity."

Personalized products and services are geared towards the preferences, experience needs, aesthetics and life values of each customer segment. Timely grasping of lifestyle trends not only creates a competitive advantage for businesses but also drives economic growth and improves the quality of social life.

Lifestyle Economy not only contributes to diversifying the economy, is closely linked to building urban identity, meeting the needs of cultural enjoyment and experience, and at the same time creates a positive spillover effect on economic growth, improving the quality of life of society.

Currently, Vietnam's middle class accounts for about 23.2% of the population and could increase to 50% by 2035. This is the driving force to unleash the lifestyle economy in many fields and types.

"Gen Z is the largest generation today, with increasingly better incomes, and is the middle class of Vietnam, not only consuming products but also experiencing products. Meeting customer experiences will gradually create a lifestyle economy. Therefore, I think that businesses need to learn and carefully research consumer needs, their lifestyles, their behaviors and needs, to create products with high experiential value, with spreading value both economically and spiritually. Currently, lifestyle economy is considered one of the potential development directions for large cities like Ho Chi Minh City," Associate Professor, Dr. Dinh Tien Minh shared.

Kinh tế Lifestyle: Động lực tăng trưởng mới của Thành phố Hồ Chí Minh - Ảnh 2. — Ben Thanh Market. (Photo: Hong Dat/VNA)

From the perspective of a Korean expert, Mr. Parke Sang Mo, Head of Planning - Events (Korean Cultural Center in Vietnam) said that Vietnam in general and Ho Chi Minh City in particular have a lot of potential for developing a stylish economy, especially when Vietnam is showing a strong transition from a traditional economy to a green economy.

Not only large enterprises, but also many small enterprises in Vietnam have caught up with the new consumption trend, aiming for green products and green ecosystems, which are the foundation to promote the expansion of the lifestyle economy to achieve higher and higher values.

As one of the pioneering enterprises in personalizing customer experience, "touching" customers with many trendy and stylish products, Mr. Le Tri Thong, General Director of Phu Nhuan Jewelry Joint Stock Company PNJ said that for many years, the enterprise has focused on developing products based on careful research of youth trends, bringing experiences that are not only jewelry products, but also convey spiritual values.

"It may sound strange, but the lifestyle economy is already present in Ho Chi Minh City, through the ecosystem of products and services that meet the consumption trends of young people. This is a great potential and opportunity for businesses, and also a rare opportunity for Ho Chi Minh City to transform from a manufacturing center to a regional creative center. Changes in consumer behavior, a young and talented workforce, and the shift of the global value chain are favorable factors. However, only when the city has a clear strategy, the accompaniment of businesses and the leading role of the government, will the creative economy truly become the new growth driver of the City," said Mr. Le Tri Thong.

Many opinions also say that Ho Chi Minh City needs specific solutions to create highlights and differences for the city with a very diverse and rich lifestyle.

Thus, when clearly defining the identity and positioning of the city, businesses will have the basis to build experiences suitable for that typical lifestyle, thereby gradually creating different highlights, increasing the attractiveness of the City.

From a state management perspective, Mr. Nguyen Nguyen Phuong, Deputy Director of the Department of Industry and Trade of Ho Chi Minh City, commented that exploiting the potential of the lifestyle economic model is essentially a process of harmoniously connecting supply and demand.

The city has recently developed many products and services based on consumer needs and trends, aiming to link the market with production activities.

However, with the new perspectives raised at today's event, Mr. Phuong believes that a more multi-dimensional, creative and open approach is needed to fully exploit the potential of lifestyle economics.

"The interesting stories and perspectives from this workshop are the topics for us to aim for personalized products and services, further enhancing the experience of Ho Chi Minh City residents. We will also research and advise the City to take appropriate steps, support businesses, and shape products suitable for this potential market," Mr. Nguyen Nguyen Phuong shared.

Ho Chi Minh City is famous as the most dynamic and creative city in the country, one of the vibrant innovation and consumption centers of Southeast Asia.

Fully exploiting the potential of new economies such as the lifestyle economy will be a new driving force for the City to continue to develop, shape its style, create a difference, and become a unique and attractive destination for domestic and foreign tourists./.

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