Demand for luxury brands in Vietnam is increasing

(NADS) - The global luxury goods market is slowing down, especially in the Middle East, Europe and China, while North America and the Asia- Pacific region are recording significant growth. In particular, there is a strong increase in demand in the Vietnamese market.

Global markets have seen a slowdown in new luxury store openings, according to a report from Savills. In the Middle East and Europe, brands are struggling to find suitable locations.

Super cars in Vietnam are not inferior to those in developed countries around the world.

China, while still leading in new store openings with 41% of the world, is also starting to slow, down 12% in 2023. The market is entering a saturation phase after the boom in 2021-2022, due to declining consumer confidence.

In contrast, North America and the Asia- Pacific region, excluding China, are growing. Japan, Singapore, Thailand, India and Vietnam all saw increases in the number of luxury stores. The region will account for 17% of the global luxury retail market share in 2023, thanks to a recovery in tourism.

Vertu phone line is used by many Vietnamese people.

In Japan, for example, LVMH reported a 32% increase in revenue in Q1 2024 thanks to increased tourism and favorable exchange rates. In Vietnam, the luxury retail market is forecast to grow 3.2% through 2028, with fashion being the largest segment.

Cartier watch brand also penetrates the Vietnamese market.

Ho Chi Minh City has welcomed brands such as Cartier, Vertu, Longines. Vertu has just opened a Flagship store at Caravelle Saigon Hotel, after recording high demand. Vertu has achieved sales of 300 million USD after 2 years of presence in Vietnam.

Fashion brand Chanel also does not miss the Vietnamese market.

High-end resorts are also attracting many luxury brands. The number of stores in resorts is expected to double from 2022 to 2023, with brands such as Alexander McQueen, Balenciaga, Burberry, Bvlgari and Zimmerman. This trend is expected to bring opportunities for resorts in Vietnam.

Source: https://nhiepanhdoisong.vn/nhu-cau-cac-thuong-hieu-xa-xi-tai-viet-nam-tang-cao-14701.html