Banking used to be something 'closed behind high walls', lifestyle economics changes the way users connect

Ngân hàng từng là cái gì đó 'kín cổng cao tường', kinh tế lifestyle thay đổi cách kết nối người dùng - Ảnh 1. — Mr. Le Tri Thong believes that Ho Chi Minh City possesses rare advantages to develop service and creative industries - Photo: QUANG DINH

At the workshop "Lifestyle Economy - New Growth Driver of Ho Chi Minh City" organized by Tuoi Tre newspaper in collaboration with the Department of Industry and Trade of Ho Chi Minh City on the afternoon of December 5, taking Techcombank as an example, Mr. Le Tri Thong - Chairman of the Ho Chi Minh City Young Entrepreneurs Association, Vice Chairman of the Board of Directors and General Director of Phu Nhuan Jewelry Joint Stock Company (PNJ) - said that this is a typical success story of lifestyle economy.

"They not only promote the bank's products, but also coordinate to organize a very large and famous music program. Previously, we may not have seen any connection between the stage and the bank, but today it is completely different.

Consumers used to imagine banking as something very closed off, high-end services, only for the rich, but we can see that with the lifestyle economy, the convergence of artists, KOLs... combined with financial and media stories," said Mr. Thong.

The workshop was accompanied by Phu Nhuan Jewelry Joint Stock Company (PNJ) and Masterise Homes Real Estate Development Company Limited.

From "enough" to "experience and emotional value"

This is new because his generation, the consumers of the 1980s and 1990s, focused mainly on essential needs, but now they prioritize experiences, brand identity, emotional value and lifestyle fit.

"However, lifestyle economics is always there, but at different levels of evolution," Mr. Thong acknowledged.

The generation born in the 1980s still has the imprint of years of poverty, so the consciousness of saving is always subconscious, while the generation born from 2000 grew up in years of economic development, so they are willing to pay for experiences and intangible values.

Not to mention that in the context of having too many "stages" to perform and express oneself such as office, social networks, going out, going to coffee shops... completely different from the past, having to wait for special occasions, or waiting for weddings... so the consumption needs are also different, they have the need to express themselves to society. Besides, because the world is flat, the consumption level of Vietnamese people is approaching very quickly with the world, even almost no longer has the gap.

"The explosion of social networks gives each individual a "private stage" to express themselves. This creates a great demand for products and services with personal imprints, from cuisine, fashion, tourism to cultural and artistic activities. This is also the premise for the development of the creative economy in large cities like Ho Chi Minh City," Mr. Thong assessed.

Regarding the potential for lifestyle economic development, from a demand perspective, we are at a time of generational transition, the number of middle-class customers, and young customers have very different purchasing behavior compared to the previous generation.

With favorable conditions, the Vietnamese economy maintains a high growth rate and is entering a new era with double-digit growth, so consumers' confidence in consumption and willingness to spend are higher.

Today's users pay not only for the basic features of the product but also for the space and quality of the product. 10 years, 15 years ago, users went to traditional restaurants to eat Dimsum, now they go to Haidilao, Dim Tu Tac... to find new experiences. The growth rate of the middle class is very fast, purchasing power is more certain, so we are confident to enter the lifestyle economy.

At the supply end, businesses have also moved up the ladder along with the maturity of consumers. It can be seen that in previous years, OMO promoted their image as "removing stains", "clean and fragrant as new", "bright white"... but today OMO talks about the story of planting trees, green values, doing good deeds. Thus, companies have evolved, going far beyond their basic functions.

Without pursuing lifestyle economy, Ho Chi Minh City will find it difficult to achieve growth breakthrough.

Ngân hàng từng là cái gì đó 'kín cổng cao tường', kinh tế lifestyle thay đổi cách kết nối người dùng - Ảnh 4. — The shopping experience not only focuses on the value of the item, but also on the emotional story and personality of the consumer - Photo: QUANG DINH

South Korea has developed the K-pop - cinema - cosmetics - technology ecosystem, creating a synergistic effect and increasing the value of cultural exports. Meanwhile, Singapore combines education, finance and creative technology to become Asia's high-end service center. Even Thailand has promoted the experience economy, from tourism, hospitality to cuisine and wellness.

The common point of these countries, according to Mr. Le Tri Thong, is the ecosystem mindset, in reality no business or industry can develop independently. Success comes from connection - when fashion meets tourism, cuisine meets media, art meets technology.

In that flow, Vietnam, especially Ho Chi Minh City, has a great advantage in attracting knowledge, capital and new creative standards.

Ngân hàng từng là cái gì đó 'kín cổng cao tường', kinh tế lifestyle thay đổi cách kết nối người dùng - Ảnh 5. — Mr. Le Tri Thong - Chairman of the Ho Chi Minh City Young Entrepreneurs Association, Vice Chairman of the Board of Directors and General Director of Phu Nhuan Jewelry Joint Stock Company (PNJ) - believes that whether at present or in the 1980s and 1990s, the lifestyle economy is always there, despite different levels of evolution - Photo: QUANG DINH

Ho Chi Minh City is facing a unique opportunity to transform itself from a manufacturing hub to a regional innovation hub. Changes in consumer behavior, a young and talented workforce, and shifts in global value chains are favorable factors.

He cited the example of the Vietnamese chocolate industry, which has gone from a country with no tradition to now exporting high-end products and building international brands. This is a testament to the creativity and innovation of the Vietnamese people.

"However, only when the city has a clear strategy, the support of businesses and the leading role of the government, can the creative economy truly become a new growth driver for Ho Chi Minh City," he said.